Portek records net profit of S$3.7m for 1H09

To better reflect its focus and direction, Portek has rationalised and categorised its revenue into three segments: Port Operation & Management, Port Equipment Engineering, and Port IT & Automation. Port Operation & Management revenue increased by S$9.7m or 27% from S$35.5m in 1H08 to S$45.2m in 1H09. Container throughput at the group’s port operating and management companies increased by 14%, from about 330,000 teu in 1H08 to about 377,000 teu in 1H09.

Revenue from the Port Equipment Engineering segment increased by S$5.7m or 20% from S$27.1m in 1H08 to S$32.5m in 1H09, due mainly to the increased sales of equipment to ports in Southeast Asia. The Port IT & Automation segment registered revenue of S$0.3m during 1H09. The three segments’ contributions to group revenue were 57.9%, 41.7% and 0.4% respectively.

The group’s EBITDA earnings stood at S$13.5m for 1H09, compared with S$5.7m in 1H08. Profit after tax improved markedly, from a loss of S$2.6m in 1H08 to a profit of S$4.2m in 1H09. Net of minority interests, profit attributable to equity holders swung from a loss of S$1.5m in 1H08 to S$3.7m in 1H09.