Westports 1Q profit down on depreciation, finance cost

Westports Holdings Bhd recorded a 12% year-on-year (YoY) decline in its net profit to RM 123.8 million for its first quarter (1Q) ended Mar 31, 2018, due to higher depreciation and finance cost.
 
In a filing to Bursa Malaysia yesterday, the port operator’s turnover for the quarter fell by 12% YoY to RM385.1 million mainly attributed to the adoption of a new financial reporting standard (MFRS 15) from Jan 1, 2018.
 
Group MD Datuk Ruben Emir Gnanalingam said the results reflected the residual impact from the unprecedented realignment within the shipping industry in 2017.
 
He said even though the container volume was lower compared to the previous corresponding period, both the gateway and transhipment volume, however, showed improvement when compared with the preceding quarter in 2017.
 
“We have made significant investments of over RM2 billion in recent years to enhance our container terminal facilities and equipment to be able to handle ultra-large container vessels (ULCV),” he said.
 
Westports accommodate the maiden calls of two ULCV in April this year, the CMA CGM Antoine de Saint Exupery and Evergreen’s Ever Golden.

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