Westports Q1 net profit falls to RM123.8 Mln
April 25, 2018 15:14 PM
KUALA LUMPUR, April 25 (Bernama) -- Westports Holdings Bhd has posted a lower net profit of RM123.80 million for the first quarter ended March 31, 2018 (Q1) from RM140.89 million in the same period last year due to higher depreciation and finance cost.
In a filing to Bursa Malaysia today, the shipping and logistics company said its revenue fell to RM385.09 million from RM520.93 million previously, mainly attributed to the adoption of the Malaysian Financial Reporting Standards (MFRS) 15 from Jan 1, 2018.
On prospects, Westports expected its container throughput to register a modest growth rate at a low single-digit percentage in 2018.
In a separate statement, Westports said its container operations handled a total throughput of 2.25 million twenty-foot equivalent units (TEUs) in Q1.
"The intra-Asia segment now constitutes 61 per cent of the total containers handled, and this trade lane saw a favourable increase of 12 per cent.
"The gateway volume improved strongly by 25 per cent in Q1, while transhipment volume also improved to 1.48 million TEUs compared with the preceding quarter," it said.
Commenting on the company's Q1 performance, Group Managing Director Datuk Ruben Emir Gnanalingam said even though the container volume was lower from the corresponding period previously, both the gateway and transhipment volume showed improvement than the preceding quarter in 2017.
"We have made significant investments of more than RM2 billion in recent years to enhance our container terminal facilities and equipment to be able to handle the newest ultra-large container vessels.
"The ability to accommodate these vessels will strengthen Westports as the pre-eminent port for the nation's gateway trade while also being one of the main transhipment hubs in the region," he added.