Rise in profit for PSA despite fall in volumes

PSA International delivered a 13% increase in net profit last year, totalling S$1.6bn (US$1.2bn) as business acquisitions and higher storage income outweighed a slight drop in volumes.

The operator handled 90.9m teu across its portfolio representing a 1% drop, with PSA Singapore contributing 37m teu and its overseas facilities handling 53.9m teu, both down 1%.

However, revenue soared by 71% to S$8.0bn (US$6.0bn), supported by business acquisitions and higher storage income.