Singapore’s PSA Group recorded a 3.7 percent drop in profits last year despite volumes handled at its global portfolio of container terminals increasing 5.6 percent compared to a year earlier.
The stevedore said revenue increased 5.8 percent to about $3.4 billion in 2011, but profits fell by 3.7 percent to approximately $907 million, “partly impacted by the higher operating expenditure under the inflationary cost environment.”
Including throughput from its Hong Kong port assets, which were divested in March 2011, PSA’s global throughput totaled 59.33 million 20-foot equivalent units, with its flagship Singapore terminals handling 29.37 million TEUs, up 6.1 percent year-over-year.
PSA terminals outside of Singapore achieved a combined throughput of 27.72 million TEUs, up five percent compared to a year earlier.
Fock Siew Wah, Group Chairman of PSA International, said 2011 began with optimistic expectations of sustained recovery for the global economy, but “the outlook became increasingly cloudy, exacerbated by a series of unanticipated shocks that rocked the world economy.”
He said there remained a “possibility” of another recession this year and affirmed PSA’s commitment to strengthening its financials to face future challenges.
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