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Malaysia’s Westports profits plunge 18pc

MALAYSIA's Westports Holdings Bhd's second quarter net profit fell 18.1 per cent year on year to MYR121.81 million (US$2.99 million), drawn on revenues of MYR394.04 million, which declined 21 per cent.

Nevertheless, the group an interim dividend totalling to MYR184.1 million for the financial year ending December 31, 2018.

The weaker quarterly performance dragged the group's first half net profit down 15.2 per cent to MYR245.61 million while revenue fell 24 per cent to MYR779.13 million.

Westports said it also handled 4.3 per cent fewer containers in the first half to 4.5 million TEU. Yet local cargo rose 20 per cent year on year in the first half reflecting favourable domestic economic activities growth, according to Malaysia's The Edge Markets.

Westports said the intra-Asia segment showed continued favourable momentum with a growth of 10 per cent year on year, thus raising the trade lane's contribution to Westports overall container volume to 61 per cent in the first half.

Said Westports managing director Datuk Ruben Emir Gnanalingam: "Westports has transitioned successfully towards serving the new services under the Ocean Alliance. Based on Westports overall improving container volume momentum, we are at the tailend of establishing a new volume baseline, from which we can establish future growth levels."

Source: Schednet

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