Westports CEO Ruben Emir Gnanalingam said the group had achieved another record-breaking year despite increasing economic headwinds as the year unfolded.
KUALA LUMPUR: Westports Holdings Bhd
recorded a strong set of results in the second quarter ended June 20, 2016 as earnings rose 31% to RM159.87mil from RM122.10mil a year ago. It rewarded shareholders with a dividend of 7.3 sen compared with 5.32 sen a year ago.
The port operator announced on Thursday its revenue increased by 28.9% to RM522.63mil from RM405.28mil a year ago. Its earnings per share were 4.69 sen compared with 3.58 sen a year ago.
It the first half ended June 30, 2016, its earnings increased by a strong 36.7% to RM331mil from RM242mil in the previous corresponding period. Its revenue rose 22.8% to RM987.34mil from RM804mil.
Operational revenue improved by 15% to RM885mil from a year ago with improved contributions especially from the container operations.
Westports said container operations achieved another milestone by handling a record throughput volume of 4.9 million twenty-foot-equivalents (TEUs) in the 1H2016. The 11% increase in volume was due to transhipment containers.
Westports CEO Ruben Emir Gnanalingam said the H1, 2016 volume had been very encouraging and resilient given the modest regional economic growth during the period as it achieved another milestone by handling our “highest-ever interim container volume of 4.9 million TEUs”.
“Westports also benefited from accommodating our shipping clients’ ad-hoc handling requirements as they introduced larger vessels into their existing container shipping services”.
“There will be realignment in the container shipping industry next year as key liners in existing container shipping alliances form new and different alliances next year. As a terminal operator, Westports will continue to support our shipping clients’ regional transhipment requirements with cost competitive, world-class productivity level of services and also expanding container terminal facilities.
Westport's container terminal 8 (CT8) Phase 1 with the 300-metre wharf had started operations. Four new units of 52-metre high ship-to-shore cranes and six units of new rubber tyred gantry cranes have already been commissioned into service.
“The entire CT8 expansion will cost a total of RM1.1bil and when completed, would raise Westports’ total container terminal handling capacity to 13.5 million TEUs with extended contiguous linear berth of 5.2km, thereby allowing the group to also support requirements of new and larger shipping alliances from 2017 onwards,” he said.
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