KUALA LUMPUR: Westports Holdings Bhd
recorded container throughput of nine million twenty-foot-equivalent units (TEUs) for 2017.
The port owner and operator said on Wendesday this was a decline of between 7% and 12% when compared to 2016 when it provided its guidance.
The guidance was provided in the second quarter financial report in July 2017.
Wesports said the OCEAN Alliance and its members are among its key clients. It unveiled its Day One product before the commencement of its services on April 1, 2017.
In December 2017, the OCEAN Alliance optimised its offerings and announced the Day Two Product by adding new services, additional capacity and container ships.
“The services will start in April 2018, and Port Klang continues to be one of the leading transhipment hubs in the region for OCEAN Alliance,” it said.
Commenting on the accounting rrequiements, Westports said the Malaysian Financial Reporting Standards (MFRS) 15 will 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 Jan 1, 2018, and earlier application is permitted.
“Westports started the transition towards MFRS 15 last year in January 2017. From Jan 1, 2018, the company is in full compliance with this new requirement,” it said.
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