PSA's full-year profit down 7.5% despite higher revenue (Amended)

PSA International on Thursday posted a 7.5 per cent decline in full-year net profit to S$1.17 billion partly due to higher depreciation.

This is despite higher revenue of S$3.68 billion for the year ended Dec 31, 2016, up 3 per cent from the previous year, supported by an increase in volume of containers handled.

PSA handled 67.63 million TEUs (twenty-foot equivalent units), up 5.5 per cent from a year ago mainly on higher throughput at terminals outside Singapore.

Its flagship Singapore terminals contributed 30.59 million TEUs in 2016, while terminals outside Singapore delivered a total throughput of 37.04 million TEUs, up 10.6 per cent over 2015.

Amendment note: The net profit should have been S$1.17 billion and the revenue S$3.68 billion. The article has been revised to reflect this.