PSA’s net income up 20% in 2005
Singapore state-owned global terminal operator PSA International, recently outbid by DP World for the takeover of P&O, reported net profits in 2005 of S$1.6 billion ($653 million) up 20.2 percent from S$881 million the year before.
PSA’s operating profit jumped 15.9 percent to S$1.4 billion ($889 million), compared to S$1.2 billion in 2004. Revenues for 2005 was up just 2.7 percent to S$3.7 billion ($2.3 billion), from 2004’s S$3.6 billion.
PSA handled a record 41.18 million TEUs globally in 2005, up 24.4 percent year-on-year. The company’s flagship Singapore terminals had 8.1 percent growth in throughput to 22.28 million TEUs, while PSA’s overseas terminals in Europe, China and other parts of Asia moved 18.9 million TEUs, a rise of 51.3 percent.
“Higher throughput was achieved by continuous trade growth from China and India,” PSA said.
“We look ahead to 2006 with renewed vigor and determination to excel as the port and shipping industries move along the path of rapid change and growth,” said Fock Siew Wah, PSA International’s chairman.
Singapore government-controlled investment company Temasek Holdings is the parent company of PSA.