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PSA Says 2014 a Year of Mixed Blessings

PSA Says 2014 a Year of Mixed Blessings
However, the overall net profit for the year was SGD 1.4bn (USD 1bn), a 1.7% decline compared to 2013, ascribed to higher operating cash costs and depreciation.

Singapore-based port operator PSA International marked an increase in both annual container volumes and revenue, but saw a dip in net profit in 2014, the year which the operator’s CEO Tan Chong Meng described as ”business unusual.”

PSA International handled 65.44 million Twenty-foot Equivalent Units (TEUs) of containers at its port projects around the world in 2014, a 5.8% increase over 2013, with PSA Singapore Terminals contributing 33.55 million TEUs (+4.1%) and PSA terminals outside Singapore handling 31.89 million TEUs (+7.8%).

The company’s annual revenue was higher by 2.9%, increasing from SGD 3.72 billion (USD 2.68bn) to  SGD 3.83bn (USD 2.76bn) year-on-year.

However, the overall net profit for the year was SGD 1.4bn (USD 1bn), a 1.7% decline compared to 2013, ascribed to higher operating cash costs and depreciation.

”The industry awoke to harsh new realities: mismatch of mega vessels and ports, more complex alliance arrangements, reduced shipping reliability, port congestion; it was a challenging and uncertain time for the industry,” Tan Chong Meng said.

“In fact, as more mega vessels enter service and the workings of the mega alliances go into full swing in 2015, we may continue to see operational challenges this year.”

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