West­ports Q3 net profit up 16%

The Sun (Malaysia) - - SUNBIZ -

PE­TAL­ING JAYA: West­ports Hold­ings Bhd’s net profit in the third quar­ter ended Sept 30, 2016 (Q3FY16) in­creased 16.14% to RM151.03 mil­lion, from RM130.04 mil­lion in the pre­vi­ous cor­re­spond­ing quar­ter, mainly due to growth in con­tainer through­put and re­vi­sion in con­tainer tar­iff.

In a state­ment yes­ter­day, West­ports said the group has achieved an­other mile­stone by han­dling 7.4 mil­lion twenty-foot equiv­a­lent units (TEUs) in the ninemonth pe­riod this year.

Rev­enue for the quar­ter grew 18.37% to RM474.41 mil­lion, com­pared with RM400.78 mil­lion in the same pe­riod last year.

“Our above in­dus­try av­er­age vol­ume growth has been grat­i­fy­ing, and it re­flected the re­sults of our re­lent­less com­mit­ment to­wards ac­com­mo­dat­ing grow­ing re­quire­ments from our cus­tomers,” its CEO Ruben Emir Gnanalingam said.

Ruben said the group has also ben­e­fited from ship­ping clients’ ad­hoc han­dling re­quire­ments as they in­tro­duced larger ves­sels into their ex­ist­ing con­tainer ship­ping ser­vices.

For the nine months pe­riod, its net profit rose 29.5% to RM481.98 mil­lion, from RM372.32 mil­lion a year ago, while rev­enue up 21.3% to RM1.46 bil­lion, against RM1.2 bil­lion pre­vi­ously.

Con­ven­tional through­put in­creased by 10% to 8.5 mil­lion tonnes, as the group han­dled a higher vol­ume of dry bulk com­modi­ties such as sugar and im­ported grains.

The group said the break bulk ton­nages com­ing through the port, such as steel prod­ucts and project car­goes for do­mes­tic ap­pli­ca­tions and eco­nomic ac­tiv­i­ties have also in­creased.

Fur­ther­more, it said the liq­uid bulk raised its through­put by 21% with con­tri­bu­tion from bunker op­er­a­tions.

Mean­while, Ruben said the sus­tained high con­tainer vol­ume growth and heavy ter­mi­nal util­i­sa­tion have trig­gered the need to com­mence with the CT9 Phase 1 ex­pan­sion to meet the fu­ture re­quire­ments of its ship­ping cus­tomers.

He said the CT9 Phase 1 ex­pan­sion pro­gramme would en­tail the con­struc­tion of the 600-me­tre wharf and ad­di­tional ter­mi­nal op­er­at­ing equip­ment such as shipto-shore cranes and rub­ber tyred gantry cranes.

These ad­di­tional fa­cil­i­ties are ex­pected to be com­pleted by end of 2017.

In its fil­ing with Bursa Malaysia, the group said it ex­pects its con­tainer through­put growth rang­ing from 7% to 10% for 2016 to be mainly driven by trans­ship­ment seg­ment.

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