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PSA International's full-year net profit slips 9.5%

Revenue for 2015 dropped 6.7 per cent on-year to S$3.57 billion.

SINGAPORE: Port and terminal operator PSA International reported an overall net profit of S$1.27 billion for the year ended Dec 31, 2015 on Friday (Mar 18), down 9.5 per cent from a year ago.

Revenue for 2015 dropped 6.7 per cent on-year to S$3.57 billion, and profit from operations slid 9.3 per cent to S$1.7 billion on lower volumes and higher depreciation, it said in a press release.

PSA International handled 64.10 million Twenty-foot Equivalent Units (TEUs) in 2015, a 2 per cent decline from 2014. PSA’s flagship Singapore Terminals contributed 30.62 million TEUs with a decrease of 8.7 per cent on-year, while PSA terminals outside Singapore delivered a total throughput of 33.48 million TEUs, increasing 5 per cent over 2014.

Mr Tan Chong Meng, Group CEO of PSA International, said the industry is facing “difficult, uncertain times”, citing protracted dips in crude oil prices and a global economy that has lost much of its momentum, resulting in “anaemic trade flows”.

However, he said PSA will continue to take tough business conditions in its stride and press on with investment and upgrading to “ride out the choppy waves towards calmer horizons”.