Westports 1Q net earnings rise to RM208.32mil

KUALA LUMPUR: Westports Holdings Bhd's net profit rose 36.33% to RM208.32mil in the first quarter ended March 31, 2021, from RM152.81mil in the previous corresponding quarter on the back of higher revenue from the container segment.

Earnings per share was 6.11 sen versus 4.48 sen in 1QFY2020.

Westports said in a statement that the reported profit level reflected insurance recoveries and absence of general provision, among others.

Tax provision for the quarter was RM65.3mil, which reflected an effective tax rate of 24%.

Revenue rose 7.33% to RM508.16mil from RM473.47mil in the year-ago quarter.

During the period, throughput volume increased 5% to 2.66 million twenty-foot equivalent units (TEU).

Container yard utilisation normalised during the quarter, facilitating additional regional trade volume with transhipment throughput growing 7% to 1.69 million TEUs.

Despite the various movement restrictions, gateway volume improved 3% over the comparative quarter as the economy adjusts to the new norms, it added.

"The above-average yard utilisation and yard congestion in the latter part of the previous year reaffirmed Westports’ supply-driven strategy in accommodating clients’ requests while also facilitating the growth of especially the Klang Valley’s hinterland economy," said group managing director Datuk Ruben Emir Gnanalingam Abdullah.

He added that by end-2021, the group will complete its 19-acre Container Terminal Yard 8.

This comes following the completion of the RM81mil container yard Zone at CT9 in 2020.

In addition, the group is investing in more Terminal Operating Equipment and a new Liquid Bulk Terminal jetty 5 to reinforce Port Klang as one of the main transhipment hubs in South East Asia for international container shipping alliances.
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