Malaysia’s Westports registered a net profit of MYR637 million (US$143 million) for the whole of 2016, an improvement of 26% on 2015, while revenue shot up 21% to MYR2 billion, reflecting both robust container and cargo operations, according to port operator Westports Holdings Bhd.
In a filing to the Malaysian bourse, the company said earnings for the fourth quarter of 2016 amounted to MYR155 million, up 17% over the same period in 2015. Revenue for the same period last year was higher by 20% to MYR573 million compared to the same quarter in 2015.
Container volume in 2016 totaled a record 9.95 million twenty-foot equivalent units (TEUs), which was higher by 10% from the previous year’s record-making 9.05 million TEUs.
The continued strong growth in the volume of transshipment containers, along with higher export numbers, spurred box traffic, said the company. Westports accounted for 76% of total containers processed at Port Klang in 2016, it added.
Cargo volume last year increased by 15% to 11.8 million tonnes, aided by higher shipments of bulk and dry bulk commodities.
Westports said it has started with the first phase of expansion of Container Terminal 9 as it sought to increase overall terminal handling capacity at Port Klang.
The expansion will see the building of an additional 600-meter wharf and the installation of new ship-to-shore cranes, rubber-tired gantry cranes, and other operating equipment. Container Terminal 9 is scheduled for completion by the end of this year.
Meantime, the second phase of Container Terminal 8, which involves a 300-meter wharf and supporting terminal operating equipment and facilities, is expected to be operational by the middle of 2017. The project is seen to increase handling capacity at the port to 12.5 million TEUs.
The facility upgrading seeks to improve operations and capacity at Westports in view of the stronger container volume and the start of operations in April of new shipping alliances that are expected to deploy larger ships to ports.
Meanwhile, Westports said it expects to see just “moderate growth” in container throughput this year.
