Malaysian port operator Westports Holdings Berhad saw its full year volumes drop by between seven and twelve percent in 2017, when compared to the previous year.
The company achieved a container throughput of about 9 million TEUs for the twelve-month period ended December 31, 2017, decreasing from its record-breaking 9.95 million TEUs seen a year earlier.
Westports informed that the result is within the volume guidance provided when the company announced the second quarter financial report in July 2017.
Additionally, the company said that, from January 1, 2018, it is in full compliance with the new Malaysian Financial Reporting Standards (MFRS) 15 requirement.
MFRS 15 will supersede MFRS 118 revenue, MFRS 111 construction contracts and revenue related interpretations issued by the Malaysian Accounting Standards Board.
WHB started the transition towards MFRS 15 last year in January 2017.