Wednesday , 18 September 2019
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PSA net profit falls despite strong container volumes

PSA International (PSA)’s net profit fell 2.3% year-on-year in 2019 partly due to a higher depreciation although it recorded strong container volumes across its operations.

Net profit for the year was US$1.205m compared to US$1.292m in 2018 while profit from operations stayed at the same level than the previous year.

PSA’s group chairman Fock Siew Wah said: “2018 was a year of constant change, beset by the headwinds of global economic and geopolitical uncertainty, escalating trade wars, and persistent operational challenges in the shipping industry due to overcapacity, low freight rates and rising fuel costs.

“Despite all this, PSA managed a creditable and resilient performance by staying focused on our customers, and participating in the transformation with like-minded partners towards a truly connected global supply chain.”

PSA’s container volumes increased by 9.1% in 2018, ending the year with a total throughput of 81m teu.

Its flagship terminals in Singapore contributed 36.21m teu, an increase of 8.9%, while PSA’s terminals outside of Singapore grew by 9.3% and handled a total throughput of 44.69m teu.

PSA International group CEO, Tan Chong Meng, said that the company aims to grow its port business and look at other segments in the supply chain with the aim to create new cargo flow solutions.

He added: “We will also embrace digital technologies as a game changer, co-creating the Internet of Logistics with like-minded partners.

“Together, we can propel the global supply chain towards greater visibility and connectivity, for the benefit of cargo owners, logistics players, and ultimately, facilitate more vibrant change.”