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Westports' H1 box volume surges 17pc to 5.27 million TEU

2019-08-02

MALAYSIA's Westports Holdings Bhd handled 5.27 million TEU in the first half of 2019, a year-on-year increase of 17 per cent. Within this total, transshipment containers rose to 3.54 million TEU, and gateway volume was up 1.73 million TEU.

'On a quarterly basis, Westports achieved a record-breaking container throughput level during the second quarter of 2019 by handling 2.74 million TEU, driven by the increase to 1.83 million TEU for transshipment containers and 900,000 TEU for gateway boxes,' it said in a statement, reported The Star Online, Malaysia.

Westports said container throughput growth, combined with the stable cost of sales, contributed to improved profitability.

Net profit in the first half of the year increased by 24.6 per cent year on year to MYR306.22 million (US$74.342 million) on 11.6 per cent higher revenue of MYR869.64 million.

Group managing director Datuk Ruben Emir Gnanalingam said Westports continued to enjoy favourable volume recovery after transitioning successfully to a new baseline and transshipment volume last year.

'The sustained favourable growth at the intra-Asia segment has also supported the company's container volume growth of 17 per cent, which is well above the industry's average for container volume.

'We also set what could be the new world's record for container terminal productivity by achieving an impressive 801 container moves in one hour during CMA CGM Jean Mermoz's port of call at Westports. This achievement is a reflection of our teamwork, client-focused approach and excellent terminal facilities at Westports,' he said.

Mr Ruben said Westports was expecting to achieve much higher overall container throughput in 2019 due to the company's exposure to the still-buoyant intra-Asia segment as well as the favourable domestic export-oriented sectors.