Singapores state-owned port operator PSA Corp has posted a 23.5% drop in 2002 net profit after slashing handling charges to counter regional competition.
PSA, under pressure from Port Klang and Port of Tanjung Pelepas where tariffs are as much as 30% lower, said its 2002 net profit fell to S$559.9mil from S$732.2mil in 2001 despite a 29.5% rise in revenue to S$2.96bil.
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