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PSA’s positive results

PSA’s positive results

Of the 56.09m total, PSA’s Singapore terminals handled 29.37m teu, up 6.1% and a new record volume. The Group’s terminals outside Singapore achieved a combined throughput of 27.72m, a 5% increase on the previous year.

In tandem with volume growth, PSA Group revenue rose to S$4.31bn (US$3.43bn) while net profit decreased by 3.7% to S$1.35bn partly impacted due to higher operating costs in the inflationary cost environment.

Fock Siew Wah, Group Chairman, PSA International commented: “2011 began with optimistic expectations of sustained recovery for the global economy. However, the outlook became increasingly cloudy, exacerbated by a series of unanticipated shocks that rocked the world economy. Nevertheless, the PSA Group managed to weather the challenging business environment and emerged with a set of positive results, handling 57.09m teu in 2011, an increase of 5.6% compared to the year before.”

Mr Fock added that during 2012 the possibility of another recession cannot be ruled out, nor can its adverse impact on the rest of the world. In light of this uncertainty, PSA has strengthened its finances to be better positioned to face the challenges that will emerge.

Tan Chong Meng, Group CEO, PSA International said, “As we move through this uncertain period, there is an ever greater need for PSA to work in partnership with our customers and port stakeholders (and) I want to assure our customers that PSA will continue to invest where needed, even during this challenging period, and uphold our operational productivity to meet their business requirements.”