Record container volumes and a big one-off gain helped boost PSA International's earnings last year by 59 percent.
The port operator’s net profit jumped to US$1.36 billion, after it handled a record 58.9 million containers.
PSA sold an offshore marine business and European car carrier terminals business, which accounted for 41.6 per cent of the rise in net profit. Excluding this one-off gain, recurring net profit increased 17.6 per cent.
The bulk of PSA’s profits were from port operations, which registered an increase of 17.9 per cent to hit $1.31 billion.
Revenue grew 11.1 per cent in the year to reach $3 billion, while operating expenses rose 5.8 per cent to $1.86 billion.
The contributions from Singapore's port operations - which formed more than half of group turnover - rose 9.9 per cent, while overseas ports posted bigger revenue growth of 14.9 per cent.
The Singapore terminal remained PSA's biggest single contributor with a record 27.1 million containers handled last year, 13 per cent higher than in the previous year.
PSA's terminals in Europe and the rest of Asia also moved more boxes. Volume grew 16.3 per cent to 31.8 million containers last year.
In Europe, the terminals turned in $977,854 million in revenues, which made up 32.7 per cent of group turnover. This was a modest 10.6 per cent rise in revenue and came mainly from strong volumes at its Belgium terminals and the contribution from its newly acquired Mersin port.
As for China, PSA's terminals grew revenue by 22.5 per cent last year, helped by the newly operational Tianjin terminal.
The group's chairman, Fock Siew Wah, said strong throughput growth helped mitigate shrinking margins and escalating operating costs.
But the year ahead may prove more challenging, said PSA's group chief executive offer, Eddie Teh.
“The growing severity of the United States sub-prime credit crisis and the high price of oil continue to bring about greater uncertainty,’’ he said.
Last year, PSA's Singapore operation retained its position as the world's busiest container port for the third time in a row, handling 14.8 per cent more boxes. This was on the back of strong Asia-Europe trade, due to growing consumer demand for Asia-made goods.
PSA also last month took a stake in Argentina's second-largest container terminal, International Trade Logistics. With this deal, PSA now has 28 terminals in 16 countries across Asia, Europe and the Americas.
The port operator’s net profit jumped to US$1.36 billion, after it handled a record 58.9 million containers.
PSA sold an offshore marine business and European car carrier terminals business, which accounted for 41.6 per cent of the rise in net profit. Excluding this one-off gain, recurring net profit increased 17.6 per cent.
The bulk of PSA’s profits were from port operations, which registered an increase of 17.9 per cent to hit $1.31 billion.
Revenue grew 11.1 per cent in the year to reach $3 billion, while operating expenses rose 5.8 per cent to $1.86 billion.
The contributions from Singapore's port operations - which formed more than half of group turnover - rose 9.9 per cent, while overseas ports posted bigger revenue growth of 14.9 per cent.
The Singapore terminal remained PSA's biggest single contributor with a record 27.1 million containers handled last year, 13 per cent higher than in the previous year.
PSA's terminals in Europe and the rest of Asia also moved more boxes. Volume grew 16.3 per cent to 31.8 million containers last year.
In Europe, the terminals turned in $977,854 million in revenues, which made up 32.7 per cent of group turnover. This was a modest 10.6 per cent rise in revenue and came mainly from strong volumes at its Belgium terminals and the contribution from its newly acquired Mersin port.
As for China, PSA's terminals grew revenue by 22.5 per cent last year, helped by the newly operational Tianjin terminal.
The group's chairman, Fock Siew Wah, said strong throughput growth helped mitigate shrinking margins and escalating operating costs.
But the year ahead may prove more challenging, said PSA's group chief executive offer, Eddie Teh.
“The growing severity of the United States sub-prime credit crisis and the high price of oil continue to bring about greater uncertainty,’’ he said.
Last year, PSA's Singapore operation retained its position as the world's busiest container port for the third time in a row, handling 14.8 per cent more boxes. This was on the back of strong Asia-Europe trade, due to growing consumer demand for Asia-made goods.
PSA also last month took a stake in Argentina's second-largest container terminal, International Trade Logistics. With this deal, PSA now has 28 terminals in 16 countries across Asia, Europe and the Americas.