PSA International Profit Dips, Volumes Up in 2016
Singapore’s PSA International (PSA) posted a dip in profit while container handling volumes rose in 2016 compared to the previous year.
Net profit for 2016 was recorded at SGD1.17bn ($835.49m), down 7.5% from SGD1.27bn in 2015, MANA correspondent reported.
Full year revenue, however, rose by 3% year-on-year to SGD3.68bn.
PSA handled 67.63m teu for 2016, representing an increase of 5.5% from the previous year.
The container terminals operator’s flagship Singapore Terminals contributed 30.59m teu in 2016. PSA terminals outside Singapore delivered a total throughput of 37.04m teu, up 10.6% over 2015.
“2016 was for the ports and shipping indsutry a period of unrelenting trials and tribulations,” said Tan Chong Meng, group ceo of PSA International.
“Burdened with a prolonged period of sluggish trade, sustained low oil prices, excess liner shipping capacity and depressed freight rates, the industry also had to deal with an unprecedented scale of consolidation through alliancing and merger of major shipping lines, and the complicated coordination tasks needed to ensure containers get to the importers in the aftermath of a major player becoming defunct,” Tan said.