Group revenue grew by 11.1% to US$4.15bn. Revenue for the Singapore operations grew by 9.9%, while that of the overseas ports grew by 14.9%. PSA divested its offshore marine and European car carrier terminals businesses in 2007, giving rise to one-off gains. The group’s recurring net profit increased by 17.6% while the divestment gains accounted for another 41.6%, resulting in a total increase in net profit of 59.2% compared with 2006.
“2007 was another very good year for PSA International, given strong global trade flows and continued loyal support of our customers. The strong throughput growth in 2007 provided the counterbalance to mitigate the adverse impact of shrinking margins and escalating operating costs,” said Fock Siew Wah, PSAI’s group chairman.
“I am especially pleased that PSA Singapore terminals’ record throughput helped Singapore retain its position as the world’s biggest container port for the third consecutive year. Looking forward, the growing severity of the sub-prime credit crisis and the high price of oil continue to bring about greater uncertainty, which may adversely impact trade volumes. Therefore, as we tread into 2008, caution is our watchword,” commented Eddie Teh, group CEO of PSA International.