PSA International has reported a modest dip in its full-year profit despite higher revenue and container throughput.
Net income at the Singapore-company was down 2.3% year-on-year to $1.2bn ($879m), figures released Friday show.
Revenue for the 12 months was just over SGD 4bn, while the group said it handled 9.1% more containers in 2018 for a total of 81mteu.
PSA’s flagship terminals in Singapore contributed 36.31 million TEUs, increasing 8.9% over 2017. PSA terminals outside Singapore delivered a total throughput of 44.69 million TEUs, increasing 9.3% over 2017.
PSA International chairman Fock Siew Wah described 2018 as a “year of constant change, beset by the headwinds of global economic and geopolitical uncertainty, escalating trade wars, and persistent operational challenges in the shipping industry due to overcapacity, low freight rates and rising fuel costs”.
Despite all this, he said PSA managed a “creditable and resilient performance” in 2018 by staying focused on our customers, and participating in the transformation with like-minded partners towards a truly connected global supply chain.
“As we head into 2019, the outlook remains challenging as the weakening world economy and prevailing protectionist sentiments will likely exact their toll on global trade,” he said.
Looking ahead, PSA International chief executive Tan Chong Meng said: “In charting our future ahead, while we continue to grow our port business, we will broaden our attention to other segments in the supply chain to create new cargo flow solutions.
“We will also embrace digital technologies as a game changer, co-creating the Internet of Logistics with like-minded partners.
“Together, we can propel the global supply chain towards greater visibility and connectivity, for the benefit of cargo owners, logistics players, and ultimately, facilitate more vibrant trade.”
