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PSA posts 10% profit growth from volume hike, revenue gains

PSA International reported growth in volume, revenue, and profit for 2012 despite the year’s challenging economic conditions.

The Singapore-based international port operator said it cleared S$1.26 billion (US$1 billion) in net profit last year, an increase of 10.7 percent over 2011, boosted by volume growth and revenue gains.

In a statement, PSA said its terminals handled 60.06 million TEUs (20-foot-equivalent units) in 2012, a growth of 5.2 percent from the previous year. The flagship Singapore Terminals set a new record by handling 31.26 million TEUs with a growth of 6.4 percent over 2011. The terminals outside of Singapore achieved total throughput of 28.8 million TEUs, an increase of 3.9 percent year-on-year.

Combined revenue rose to S$4.5 billion, up 4.3 percent from S$4.31 billion in 2011.

The year 2012 saw many milestones for PSA, said Fock Siew Wah, chairman of PSA International. “Our flagship Singapore Terminals crossed the 30-million TEU mark for the first time by handling 31.3 million TEUs, amidst a difficult environment. Beyond Singapore, record volumes were also achieved by other PSA terminals including Sines, Mersin, Genoa, Chennai, Dongguan, and Busan.”

But he said that 2013 presents a difficult operating environment with the lingering sovereign debt crisis in Europe, the fiscal cliff issue in the United States, and political tensions between countries in various parts of the world.

CEO Tan Chong Meng said this year was expected to bring “storm clouds, rough seas, and possibly silver linings too” as the group braces for a bumpy journey and formidable competition.


Photo: ashkyd


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