Westports Q2 profit surges amid busy container operations

KUALA LUMPUR: Westports Holdings Bhd reported higher earnings in the second quarter on higher container volume.

"The company expects a single-digit container throughput growth for 2021," Westports said.

Net profit surged by almost a third to RM178mil from RM134mil a year ago. Revenue climbed to RM505mil from RM431mil previously.

Westports has declared an interim dividend of 8.5 sen a share.

On a six-month basis, the company reported total revenue of RM1.01bil, The container segment contributed most to the revenue as throughput volume increased by 11% to 5.3 million TEUs.

"Both the current and previous corresponding periods have some form of movement restrictions," Westports said in a statement today.

"Nevertheless, the improved throughput level of 11% over the previous corresponding period may reflect that the economy has made some adjustments to the new norms," it added.

Westports also saw an "active level" of container yard utilisation as the global supply chain remained stretched, with occasional port congestions at various terminals across the globe.

At the bottom line, after making a tax provision of RM122.9mil or an effective tax rate of 24.1%, the company reported a net profit of RM386.3mil, or 11.33 sen a share.

The Company has invested RM118.5mil in the first six-month of 202.

This includes for the purchase of additional terminal operating equipment and on-going work at a new jetty for the Liquid Bulk Terminal, as well as a new 19-acre container yard to support more extensive throughput requirements.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Westports , container


Next In Business News

CPO futures likely to see technical correction next week
Evergrande says six execs redeemed investment products in advance
Infineon opens Austria plant early in chip capacity boost
Indonesia may reopen to tourists from some countries in October
Airbus reaches deal to restructure AirAsia jet order
Oil price falls as storm-hit US supply trickles back into market
World shares fall as markets await Fed meeting, taper timeline
Gadang’s subsidiary bags RM100mil deal
Big sales jump for EcoWorld Malaysia in Q3
The 18th entry

Stories You'll Enjoy