Penang Port Sdn Bhd expects to achieve a revenue of RM310mil next year once its target of one million TEUs (twenty-feet-equivalent units) of container traffic is reached.
PPSB managing director Datuk Ahmad Ibnihajar said the port is confident of reaching its target and the company expects to have a net profit of RM32mil in 2008.
When we reach the one million mark, it would place us on the international map. We would be among the 40 biggest ports internationally,'' he said after presenting ISO 9001:2000 award certificates to its corporate services unit and strategic business units here on Wednesday.
Ahmad added that Penang Port expects to report a net profit of RM26mil on a revenue of RM270mil this year.
Penang Port is currently handling 920,000 TEUs and the expected 10% increase of TEUs next year has us making expansion plans to accommodate the growth,'' he explained.
He said dredging works to deepen its draft to 14 million is expected to start early next year at the cost of RM200mil.
Once the draft is that deep, we can accommodate mother vessels as opposed to the current vessels which are mainly feeder vessels and small main liners.
The ships would be coming in and we would no longer be viewed as a hub port or feeder port,'' he said.
He added that the Transport Ministry has agreed in principal to the dredging works.
Penang Port is also in the process of obtaining seven stretch cranes at the cost of RM25mil each. We are currently waiting for the approval of pricing,'' he said.
PPSB managing director Datuk Ahmad Ibnihajar said the port is confident of reaching its target and the company expects to have a net profit of RM32mil in 2008.
When we reach the one million mark, it would place us on the international map. We would be among the 40 biggest ports internationally,'' he said after presenting ISO 9001:2000 award certificates to its corporate services unit and strategic business units here on Wednesday.
Ahmad added that Penang Port expects to report a net profit of RM26mil on a revenue of RM270mil this year.
Penang Port is currently handling 920,000 TEUs and the expected 10% increase of TEUs next year has us making expansion plans to accommodate the growth,'' he explained.
He said dredging works to deepen its draft to 14 million is expected to start early next year at the cost of RM200mil.
Once the draft is that deep, we can accommodate mother vessels as opposed to the current vessels which are mainly feeder vessels and small main liners.
The ships would be coming in and we would no longer be viewed as a hub port or feeder port,'' he said.
He added that the Transport Ministry has agreed in principal to the dredging works.
Penang Port is also in the process of obtaining seven stretch cranes at the cost of RM25mil each. We are currently waiting for the approval of pricing,'' he said.