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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Honda to spend US$11 billion on EV strategy in Canada
India’s IndiGo gets into long haul game with Airbus A350 deal
Hertz reports US$392 million loss as it unwinds Tesla fleet burden
Changi Airport’s Q1 passenger movements surpass pre-pandemic levels
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
China's largest auto show displays all-electric future, local brands dominate