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PSA’s creditable performance

PSA’s creditable performance
PSA Group CEO TAN Chong Meng

PSA International Pte Ltd (PSA) handled 61.8m teu at its port projects around the world for the year ending December 31, 2013 up 2.91% over 2012.

The flagship PSA Singapore Terminals contributed 32.24m (+3.1%) while the overseas terminals handled 29.57m teu, up 6.3% over 2012 on a like-for-like basis. Adjusting for port portfolio changes, the Group’s like-for-like volume growth over 2012 was 4.6%.

Group revenue and expenses were higher by 3.3% and 4.4% respectively. Net profit for the year increased by 13.4% to S$1.43bn (US$1.13bn), partly attributed to one-off income from asset disposals.

Fock Siew Wah, Group Chairman, PSA International said: “PSA has performed creditably amid a difficult year in 2013 which saw unsettling volatility, much uncertainty and uneven growth across the global economic landscape. We achieved 61.8m teu and made good progress on our portfolio of ports in China and Colombia.

“Looking ahead, I foresee persisting challenges – the volatility, uncertainty and unevenness of growth that plagued 2013 will stubbornly remain as common features for 2014 (but) I remain confident in our ability as a Group to overcome the challenges that come our way.”

Tan Chong Meng, Group CEO, PSA International said that PSA continues to serve close to 10% of the world’s market share in container handling adding that “whilst there is no foretelling the future, during the next few years the Group will continue to invest in new terminals and upgrade older ones, ploughing back a high proportion of annual earnings to serve customers’ future requirements and growth.”