PSA Group’s volumes up but profits down in 2008

PSA’s flagship terminal in Singapore handled 29m teu in 2008, growing7% year-on-year, helping Singapore maintain its premier position as the world’s busiest container port for the fourth consecutive year, whilst PSA’s terminals outside Singapore recorded a throughput of 34.2m teu in the same period, 7.7% higher than that in 2007.

Group revenue increased 5.8% while net profit suffered a decline of 46% largely due to lower yields, higher operating costs, impairment provisions and lower divestment gains.

PSA’s balance sheet remains strong with a debt capital ratio of 53.9% at the end of 2008, an improvement over 2007.