Westports shares up despite lower Q1 net profit

PETALING JAYA: Shares of Westports Holdings Bhd edged up this morning, despite announcing a lower net profit for the first quarter ended March 31.
At 11.14am, the port operator's share price rose 10 sen, or 3% to RM3.43, bringing its market capitalisation to RM11.56 billion.
Westports' net profit fell 12% to RM123.8 million in the first quarter, from RM140.9 million a year ago, due to higher depreciation and finance cost.
The group's managing director Datuk Ruben Emir Gnanalingam said the first quarter results reflected the residual impact from the unprecedented realignment within the container shipping industry in 2017.