Westports posts higher 1Q net profit, cautious on outlook

Group managing director Datuk Ruben Emir Gnanalingam, cautioned that while container volume was only slightly lower in the first quarter, he expected major effects of the coronavirus (Covid-19) pandemic to hit Westports in April and continue throughout the second quarter.

PETALING JAYA: Westports Holdings Bhd recorded a jump in net profit by 9.22% year-on-year (y-o-y) to RM152.81mil for the first quarter ended March 31,2020 although it handled marginally lower container throughput while it was cautious on the outlook due to the Covid-19 pandemic.

This was on the back of an improved revenue, which came in higher at 14.04% yo-y from RM415.19mil to RM473.47mil, attributed mainly to the implementation of the container tariff hike from March 1.