KUALA LUMPUR, May 2 — Westports Holdings Bhd’s (Westports) net profit for the first quarter ended March 31, 2023 (Q1 FY2024) rose to RM204.51 million from RM183.59 million registered in the same quarter last year.
Revenue increased to RM543.15 million from RM512.92 million previously.
In a filing with Bursa Malaysia today, Westports said the profit after tax (PAT) increased by 11 per cent to RM205 million attributed to a higher container revenue.
In a separate statement, the largest listed port operator in the country said the company achieved a total revenue of RM543 million as Westports handled a higher container volume by five per cent of 2.67 million twenty-foot equivalent units (TEU).
“In the conventional segment, the company handled bulk cargoes amounting to 2.76 million tonnes,” it said.
Executive chairman and group managing director Datuk Ruben Emir Gnanalingam Abdullah said the Red Sea developments have a marked influence on container shipping.
“Our Asia-Europe trade lane experienced lower volume due to the initial adjustments as liners opted for the longer route around the Cape of Good Hope.
“During the first quarter, the terminal had some peaks and troughs in its utilisation because of disruption to shipping schedules and subsequent vessel bunching. However, the adverse effects should taper off once services have been regularised,” he said.
Looking ahead, he said Westports will celebrate its 30th anniversary this year even as it embarks on the Westports 2 container terminal expansion programme.
“The company has arranged a RM5 billion sukuk wakalah medium term note programme to facilitate the funding requirements.
“Westports is committed to maintaining Port Klang as one of the region’s biggest and most competitive mega-transhipment hubs and being the premier gateway port to Malaysia,” he added. — Bernama
