Westports full-year container throughput drops to 9m TEUs

KUALA LUMPUR: Westports Holdings Bhd has achieved a container throughput of about nine million twenty-foot equivalent units (TEUs) for the full-year period ended December last year.

The volume was about seven to 12 per cent lower, compared with the previous year, when it announced the second quarter financial report in July last year.

Westports said Ocean Alliance and its members were among its key clients. It unveiled its Day One Product before the commencement of its services on April 1 last year.

“In December last year, the Ocean Alliance has optimised its offerings and announced the Day Two Product by adding new services, additional capacity and container ships,” said Westports.

The services would start in April and Port Klang continued to be one of the leading transhipment hubs in the region for Ocean Alliance, it added.

Meanwhile, Westports said Malaysian Financial Reporting Standards (MFRS) 15 would supersede MFRS 118 Revenue, MFRS 111 Construction Contracts and revenue-related interpretations issued by the Malaysian Accounting Standards Board.

The accounting rule MFRS 15 is effective for financial periods beginning on or after January 1, and earlier application is permitted.

Westports started the transition towards MFRS 15 in January last year. From January 1, the company was in full compliance with the new requirement, it said.

It had made changes to its board and composition of board committees in the end of last year. The changes include Jeyakumar Palakrishnar and John Stephen Ashworth resigned as independent directors.

Westports said Jeyakumar would be appointed as a director of Westports Malaysia Sdn Bhd.