PSA net profits up 29% in 2004
Singapore-based global terminal operator PSA Group's net profits for 2004 were up 29.1 percent to S$881 million ($544 million). Operating profit jumped 24.4 percent to S$1.2 billion ($766 million), compared to S$999 million in 2003. Revenues for 2004 were S$3.6 billion ($2.2 billion), up 5.3 percent over the S$3.6 billion posted in 2003.
Citing strong export volumes from China and Asia, PSA increased its worldwide container throughput 15.5 percent to 33.1 million TEUs.
Last month, PSA said it agreed to purchase the Hong Kong terminal business of NWS Holdings Ltd. for HK$3 billion ($385 million), marking its first Hong Kong port asset.