Westports Q3 profit up 11.9pc to US$38 million as revenues rise 10.3pc
MALAYSIA's Westports Holdings third quarter net profit increased 11.9 per cent year on year to MYR159.24 million (US$38.5 million), drawn on revenues of MYR460.43, which increased 10.3 per cent.
Then third quarter also enjoyed double-digit growth in container volume and benefited from the implementation of a container tariff hike that took effect in March.
In the first nine months of the year, Westports' net profit soared 20 per cent to MYR465.46 million year on year, drawn on revenues of MYR1.33 billion, up 11.1 per cent.
Westports handled 8.04 million TEU during the period, a year-on-year increase of 16 per cent, contributed by transshipment containers, which rose to 5.39 million TEU while gateway volume expanded to 2.65 million TEU.
The group is expecting to register a double-digit percentage growth rate in container throughput for 2019, according to its Bursa filing.
Westports managing director Datuk Ruben Emir Gnanalingam said the group has sustained its favourable container throughput growth momentum against a backdrop of moderate industry expansion rate due to strong support from its clients.
"The supportive growth at the intra-Asia segment has also provided a broad-base momentum to enable Westports to attain its container volume growth, which is well above the industry's average," he said.
Vessels calls in 2019, the group has accommodated a greater proportion of ultra large container vessel (ULCV) at its berths, especially its newer wharves, as the liner industry deploys ever more and ever bigger container vessels.
"In order to support our clients' growth and the industry's trend of deploying ever ULCV, Westports is planning for a multi-billion container terminal expansion that would double our total terminal handling capacity," he said.