Westports posts RM150.82 million profit in Q3, sees 7% to 12% drop in container throughput

PETALING JAYA: Westports Holdings Bhd reported a flat net profit at RM150.82 million for the third quarter ended September 30, 2017 versus RM151.03 million in the previous corresponding period, on the back of lower container throughput and higher fuel cost as a result of lower fuel price in Q32016.

Revenue was up 3.8% from RM474.41 million to RM492.28 million.

Westports told Bursa Malaysia that it foresees the container throughput to be lower by 7% to 12% compared with the previous year, due to the ongoing changes in the container shipping industry.

It said the second phase of Container Terminal 8, consisting of a 300-metre wharf and supporting terminal operating equipment and facilities, has been commissioned into service, bringing the total terminal handling capacity to 13 million twenty-foot equivalent units (TEUs).

Meanwhile, it noted that construction work continues at the first phase of Container Terminal 9, consisting of a 600-metre wharf, and is expected to be completed by December 2017.

Westports' nine-month net profit, however, declined 8.6% from RM481.98 million to RM440.53 million. Revenue came in at RM1.51 billion, 3.6% higher than the RM1.46 billion achieved in the same period a year ago.

At 3.30pm, the stock fell 5 sen or 1.3% to RM3.69, with some 479,700 shares changing hands.