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.