Portek’s profits up 26%
Singapore-based port operators Portek International Ltd. said a doubling of box traffic at its terminals helped it achieve a 26 percent rise in net profits to S$22.2 million ($13.3 million), for its fiscal year ended June 30.
Portek’s net profit in the previous fiscal year was $17.6 million ($10.5 million).
Revenues for the Portek’s fiscal year rose 21 percent to S$76.4 million ($45.7 million) from $63.1 million in the year-earlier period.
Portek operates terminals in Algeria and Indonesia, including since August 2004 a new terminal in Jakarta handling 250,000 TEUs a year.
Portek’s terminal operations ended the year with a 65 percent growth in revenue to S$11.9 million ($7.1 million) from $7.2 million. Overall throughput at Portek’s terminals was about 534,522 TEUs, a rise of 106 percent.
“Portek’s terminal operations business is experiencing enhanced operating margins as a result of increased efficiencies due to the increase in throughput. We are certainly on the lookout for more opportunities in this business,” said Larry Lam, Portek’s chairman and managing director.
