PSA International posts 6.2% lower net profit for 2020

PORT operator PSA International has reported a 6.2 per cent decline in year-on-year net profit, at S$1.168 billion for last year, on the back of lower other income and an increase in other operating expenses.

This was despite it having recorded a marginally higher revenue of S$4.179 billion.

In financial results announced on Friday, Temasek-owned PSA said its revenue rose by 2.5 per cent year on year on higher throughput and business acquisitions in a year crippled by supply chain disruptions.

PSA International handled 86.6 million Twenty-foot Equivalent Units (TEUs) for the year 2020, up 1.7 per cent from the previous year. However, throughput handled by the Singapore unit of 36.6 million TEUs was 0.9 per cent lower. PSA terminals outside Singapore delivered a total throughput of 50 million TEUs, an increase of 3.7 per cent.

"PSA's balance sheet remains strong, with a gross debt equity ratio of 0.58 times at the close of 2020," the company said in the statement.