PSA nets $1.3 billion in 2010

PSA nets $1.3 billion in 2010    Singapore-based global terminal operator PSA International said Friday it made $1.3 billion in operating profits in 2010, a 19.2 percent increase from 2009.
   The company saw a 14.4 percent increase in container volume to a company record 65.1 million TEUs, and a 6.3 percent increase in revenue to $3.2 billion.
   'The world economies were greeted with caution and uncertainty as they entered 2010, but in the course of the year the global economic recovery and growth in trade flows turned out to be much stronger than expected,' PSA Chairman Fock Siew Wah said in a statement. 'Our customers have performed exceedingly well and their stellar output helped PSA achieve a record group volume.

Wah

   'Some analysts and economists have high expectations for 2011, believing that global economic recovery is now on a solid foundation. I hope they are right though I continue to be bothered by the lingering economic problems in the developed countries and the unfolding of a slowdown in China. PSA must therefore continue to remain very vigilant and focused so that we can be prepared for any challenges and seize any opportunities that come.'

Teh

   PSA's flagship facility, the Port of Singapore, saw a 10.1 percent rise in container volume, to 27.7 million TEUs. That didn't prevent Singapore from falling behind the Port of Shanghai as the busiest container port in the world. PSA's terminals outside of Singapore saw 17.8 percent growth, to 37.4 million TEUs.
   'In 2010, a convergence of all the measures macro and micro — government and industry — all collectively had the desired effect of calming the global markets,' said PSA Group Chief Executive Eddie Teh. 'The port and shipping sector in tandem with all other industries benefited from the resulting outcome. Container volumes recovered strongly from the previous year and, with contribution of volumes from newly commissioned terminals in Busan in South Korea, Chennai in India and Vung Tau in Vietnam.'