PSA profit hit by decline in Singapore volume

PSA International has suffered a double digit fall in pre-tax profits as its flagship Singapore Terminals lost 8.7% in container volumes in 2015.

Profit before tax plunged 10.4% to SG$1.5bn (US$1.1bn) while revenue declined by 6.7% to SG$3.6bn (US$2.6bn) as PSA’s overall business handled 64.1m teu last year, a 2% fall from 2014.

Its Singapore Terminals contributed 30.6m teu while its facilities outside Singapore handled 33.5m teu, 5% more than the previous year.