PSA International posts first container decline

Throughput at the Group’s flagship terminal in Singapore declined 13.1% over the previous year but its contribution of 25.1m teu helped Singapore retain its position as the world’s busiest container port for the fifth consecutive year.

The Group’s terminals outside Singapore recorded total throughput of 31.8m teu, 7.1% lower than 2008, the smaller decline being explained by some countries, such as China, being less affected by the global crisis as well as the contribution from new port start-ups in Chennai and Vietnam.

Overall the Group’s revenue dropped 12.7% mirroring the volume decreases, while net profit suffered a comparatively smaller decline of 6.1% as a result of controls on capital expenditure and cost-cutting measures implemented since the end of 2008.