04 Mar '11, 8am

PSA's net profit rises 20.8% to S$1.2b

PSA's net profit rises 20.8% to S$1.2b

SINGAPORE : Port operator PSA International said its net profit for 2010 rose 20.8 per cent to S$1.2 billion. That's up from the S$976 million profit earned in 2009, which was affected by a slowdown in global trade. PSA said the better performance last year was due to more favourable business conditions and careful cost management. Revenues climbed 6.3 percent to S$4.1 billion, helped by the global economic recovery and improved performance of the container shipping industry. The group's container volumes also expanded, growing 14.4 per cent to 65.1 million 20-foot equivalent units (TEUs) last year. In Singapore, PSA's flagship port handled 28 million TEUs, registering growth of 10.1 percent. However the company cautioned that the ongoing economic concerns in developed countries and the unfolding of a slowdown in China may affect the global shipping industry. Analysts expe...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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