Singapore-based global port operator PSA International (PSA) posted higher profit, revenue, and volumes in 2013, describing its performance as credible in a year it regarded as “unsettling,” even as it is bracing for more uncertainties in 2014.
PSA, which operates the Port of Singapore, netted profit last year of S$1.43 billion (US$1.13 billion), an increase of 13.4 percent year-over-year, partly attributed to one-off income from asset disposals.
Revenue rose by 3.3 percent in 2013 to S$4.64 billion compared to 2012, bolstered by more liftings last year totaling 61.81 million TEUs (20-foot-equivalent units), up 2.9 percent over the previous year. Adjusting for port portfolio changes, the group’s 2013 volume growth over 2012 was 4.6 percent, with stronger performance from the overseas terminals.
Its flagship Singapore Terminals achieved 32.24 million TEUs, with a growth of 3.1 percent year-over-year. Terminals outside Singapore delivered a total throughput of 29.57 million TEUs, representing an increase of 6.3 percent over 2012.
“PSA has performed creditably amid a difficult year in 2013 which saw unsettling volatility, much uncertainty and uneven growth across the global economic landscape,” said group chairman Fock Siew Wah.
“Looking ahead, I foresee persisting challenges—the volatility, uncertainty and unevenness of growth that plagued 2013 will stubbornly remain as common features for 2014,” he continued.
“The container shipping and port industry has been rocked by game-changing developments in recent years which precipitated the shake-up we have seen in 2013,” said group CEO Tan Chong Meng.
He said the company will continue to invest much of its annual earnings in new terminals and the upgrading of older ones over the next few years.
“There is no foretelling the future with certainty but we can prepare ourselves by buttressing the range and depth of capabilities we have to offer our customers and partners.”
Photo: Michael Ivanov