KUALA LUMPUR: Westports Holdings Bhd’s net profit for the first quarter ended March 31, 2023 (1Q FY2023) rose 21 per cent to RM183.59 million from RM151.85 million in 1Q FY2022 due to the corporate tax rate reverting to 24 per cent compared to a one-off Prosperity Tax in 1Q 2022.
In a filing with Bursa Malaysia today, Westports said revenue for the quarter under review decreased marginally to RM512.92 million from RM516.36 million previously due to lower value-added services, in particular storage revenue.
In a separate statement, the largest listed port operator in the country said the container segment contributed 86 per cent to total revenue by handling a throughput volume of 2.55 million twenty-foot equivalent units (TEUs) in 1Q 2023.
Group managing director Datuk Ruben Emir Gnanalingam Abdullah said despite inflationary pressures and slowing economic momentum in many economies, Westports handled more transhipment and gateway containers, the latter amounted to 1.03 million TEUs. It was the second highest ever on a quarterly basis.
“Intra-Asia has continued to underpin the company’s throughput volume as it constituted 63 per cent of the total container volume handled,” he said.
Meanwhile, he said the conventional terminals segment saw improved throughput as the company caters to growth in non-bunker-fuel and liquid storage requirements.
“The completed liquid bulk terminal 5 recorded active utilisation, so we have embarked on building liquid bulk terminal 4A, scheduled to be completed by the end of 2023,” he said.
Moving forward, he said the company expects an overall uptrend in decarbonisation cost as the company implements initiatives to achieve its commitment to net-zero carbon emissions by 2050.
“The proposed Westports container terminal expansion from CT10 to CT17 is being designed to incorporate the imperative of supporting the company’s net-zero carbon emissions aspirations by 2050 and also to fulfil potential climate change adaptation requirements.
“The proposed new terminals reflect Westports’ financial and strategic commitment toward maintaining Port Klang’s overall competitiveness in South East Asia as a transhipment hub,” he added. – BERNAMA
