Westports posts better Q3 net profit of RM203.8 mil

TheEdge Thu, Nov 26, 2020 08:26pm - 2 months ago

KUALA LUMPUR (Nov 26): Westports Holdings Bhd's net profit improved 28% year-on-year to RM203.85 million for the third quarter (Q3) ended Sept 30, 2020, due to higher container revenue and lower operational cost.

Growth in container throughput pushed up revenue to RM528.36 million, from RM460.43 million previously.

“Container throughput improved in Q3 2020 with a six per cent growth to 2.93 million twenty-foot equivalent units (TEUs), as global activities resumed after the earlier lockdown,” the port operator said in a filing with Bursa Malaysia today.

For the first nine months of the year, Westports handled lower container throughput of 7.73 million TEUs against the same period last year, as container volume and demand was affected by the various forms of lockdown.

Nonetheless, its net profit for the nine months rose to RM490.99 million from RM465.46 million previously, while revenue climbed to RM1.43 billion from RM1.33 billion.

Group managing director Datuk Ruben Emir Gnanalingam said the rebound in container volume in Q3, after many countries emerged from the various forms of lockdown arrangements or movement restrictions, had cushioned the decline during the first six months of the year.

“As we enter into the fourth quarter, many regions and cities have reimposed various forms of lockdown. 

“However, we cautiously expect a less adverse impact from the latest lockdown compared to Q2 2020, as societies and economies adjust to these movement restrictions,” he added.

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