Momentous Year for Westports
- Business & Finance
Malaysian port operator Westports Holdings Berhad achieved record operational revenue of RM 1.50 billion and profit after tax of RM 512 million (USD 141.2 million) in 2014.
The record level of operational revenue in 2014, increased by 11.5%, has been supported by the expansion of container terminal (CT 7), enabling Westports to raise its performance to record level of container throughput of 8.4 million handled TEUs, an increase of 12.1% when compared to 2013.
Westports commenced the “Container Terminal 8 Expansion Plan” as the recently completed CT7 has attained an overall container terminal utilisation rate of more than 75%.
The first phase of the expansion, consisting of a 300-meter wharf and supporting port equipment and facilities, is expected to be completed in 2016 while the second phase is expected to be operational by mid-2017.
Westports’ container handling capacity is expected to increase to 13.5 million TEUs upon the completion of CT 8.
Westports’ profit before taxation increased by 12.0% to RM 578.8 million, in-line with the strong growth in operational revenue.
The company’s operational revenue increased notably by 8.1% in 4Q2014 to RM386 million compared to the corresponding period in the preceding year.
The sustained operational revenue momentum was mostly attributable to strong growth from the container segment which experienced an increase of 11.7% to 2.19 million TEUs.
“2014 has been a momentous year as Westports achieved its highest ever operational revenue, profit level and also container throughput volume of 8.4 million TEUs. To enhance our growth momentum, Westports is laying the foundation for the next phase of expansion as we capitalise on the ever rising container throughput levels while also supporting our clients’ strategic requirements such as the Ocean Three Alliance,” Ruben Emir Gnanalingam, the Chief Executive Officer of Westports, said.
The Ocean Three Alliance, which consists of CMA CGM, CSCL and UASC has commenced its operations on 17 th January 2015.
The 3 liners are currently using Westports as their hub.