PSA International net profit for 2014 down 1.7%

PSA International (PSA) posted a 1.7 per cent slide year on year in net profit to S$1.4 billion for 2014, even as revenue climbed 2.9 per cent to S$3.83 billion.

Meanwhile, profit from operations dipped 1.1 per cent to S$1.88 billion due to higher operating cash costs and depreciation.

PSA handled a record 65.44 million twenty-foot equivalent units (TEUs) in 2014, up 5.8 per cent year on year. PSA's flagship, Singapore Terminals, contributed 33.55 million TEUs, with a growth of 4.1 per cent, and PSA terminals overseas delivered a total throughput of 31.89 million TEUs, increasing 7.8 per cent.

Fock Siew Wah, group chairman of PSA International, said: "2014 turned out to be a mixed year for the global economy. PSA's business health depends on global trade and the shipment of goods in containers. We are therefore truly thankful that, notwithstanding the overall sluggish global economic and trade growth, PSA's group-wide performance held its ground in terms of throughput, revenue and net profit."