PSA PORT GROUP REPORTS LOWER REVENUES, VOLUMES

PSA PORT GROUP REPORTS LOWER REVENUES, VOLUMES    PSA Corp., the Singapore-based international port group, posted lower revenue and container traffic figures for 2001.
   Group revenue decreased by 2 percent last year, to S$2.28 billion (US$1.2 billion), from S$2.34 billion in 2000.
   Operating profit fell by 6 percent, to S$1.1 billion ($585 million) and net profit after tax and minority interests was down by 9 percent, to S$732 million ($396 million).
   “Amidst a global economic downturn, PSA global throughput volume fell 3.2 percent to 19.13 million TEUs in 2001,” the Singapore-based group said. The loss of Maersk Sealand was the main reason for the group’s 9-percent fall in container traffic in the port of Singapore, to 15.5 million TEUs. By contrast, international port activities outside Singapore grew 33 percent, to 3.6 million TEUs in 2001, fueled by volume gains in China, Europe, the Middle East and India.
   PSA also saw its latest port venture, Guangzhou Container Terminal, in China, commence operation on July 1, 2001.
   “Lower contribution from (the) container terminals division was partially offset by higher revenues from marine, logistics and international business,” PSA said.
   PSA said that the fall in group operating profit resulted from “a combination of flat revenue growth and higher expenses due largely to new businesses.”