Sunday, April 01, 2012

PSA Group's 2011 net profit drops

SINGAPORE: Port operator PSA Group posted a 3.7 per cent on-year decline in net profit to S$1.14 billion for the year ended Dec 31, 2011.

PSA said in a statement the decline is due to higher operating expenditure "under the inflationary cost environment."

Revenue rose 5.8 per cent from the previous year to S$4.31 billion.

The company said this is in-line with the increased number of containers that PSA handled last year.

PSA added despite slowing global container traffic, it handled a total of 57.09 million TEUs (Twenty-foot Equivalent Units) in 2011, a 5.6 per cent increase from the previous year.

Including throughput from its Hong Kong port assets before their divestment in March 2011, PSA global throughput totalled 59.33 million TEUs.

PSA's flagship port in Singapore hit a new record with the volume of containers it handled, rising 6.1 per cent to 29.37 million TEUs in 2011.

Meanwhile, PSA's terminals outside of Singapore achieved a combined throughput of 27.72 million TEUs, up 5.0 per cent on-year.

PSA International Group chairman Fock Siew Wah said: "As we move into 2012, the possibility of another recession cannot be ruled out, nor can its adverse impact on the rest of the world.

"In light of this uncertainty, PSA has strengthened its financials to be better positioned to face the challenges that will emerge in the future."

The group's balance sheet remains healthy with a gross debt to equity ratio of 0.69 times at the close of 2011.

View the original article here

Source From Channel News Asia

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