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PSA 2017 profits up 5pc to US$935 million as revenues rise 7.8pc

SINGAPORE's global port operator PSA International's net profit increased 5.1 per cent year on year to S$1.23 billion (US$935.1 million), drawn on revenues of S$3.97 billion, up 7.8 per cent.

The company handled 74.24 million TEU during the 2017 financial year, up 9.8 per cent year on year.

PSA's flagship Singapore Terminals contributed 33.35 million TEU, increasing nine per cent. PSA terminals outside Singapore delivered a total throughput of 40.89 million TEU, increasing 10.4 per cent year on year.

PSA International continued partly due to a resurgent global economy that appeared resistant to isolationist rhetoric and the ubiquitous consolidation of shipping alliances which hub their services in many PSA terminals, said a statement accompanying the results.

"This despite the social-political upheavals, economic disruptions, rising protectionism and chaotic operating conditions brought about by malicious large-scale cyber attacks on certain entities in 2017," it said.

A company spokesman said 2017 ended well with global container throughput making its strongest showing since 2011.

"Frenzied container liner shipping consolidation in 2016 also contributed towards PSA's group throughput for the year," he said.

Said group chairman Fock Siew Wah: "We would not have achieved our corporate milestones without the remarkable resolve and unity of our management, staff and unions to uphold quality and excellence."

Mr Fock expected the world to be "buffeted by an inexorable range and accelerating pace of transformation and disruptions in the way goods are produced, sold, transported and used".

"These present challenges and opportunities," he said. "PSA will continue to work to tap relevant technologies to develop innovative solutions that facilitate trade flow and improve processes, and co-create business models."

Said PSA International CEO Tan Chong Meng: "We believe PSA can create a new suite of solutions that exploit the opportunities which digitalisation offers."

Source: Schednet

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