Global ports operator PSA International and its subsidiaries posted a retreat in net profit for 2011 amid slowing container traffic and uncertainties surrounding marco economic development around the world, Seatrade Asia online reports. The Singapore corporation posted 2011 net profit of S$1.14bn ($906.93m), a decrease of 3.7% from S$1.18bn recorded in 2010. Revenue however went up 5.8% year-on-year to S$4.31bn.
PSA Group posted 57.09m teu of container throughput last year, a 5.6% increase year-on-year despite the slowing economy.
PSA flagship in Singapore handled 29.37m teu of containers and registered a growth of 6.1% to reach a new record volume.
“As we move into 2012, the possibility of another recession cannot be ruled out, nor can its adverse impact on the rest of the world,” said Fock Siew Wah, group chairman of PSA International.
PSA Group posted 57.09m teu of container throughput last year, a 5.6% increase year-on-year despite the slowing economy.
PSA flagship in Singapore handled 29.37m teu of containers and registered a growth of 6.1% to reach a new record volume.
“As we move into 2012, the possibility of another recession cannot be ruled out, nor can its adverse impact on the rest of the world,” said Fock Siew Wah, group chairman of PSA International.