Westports posts Q4 earnings jump of 36% to RM210m
Westports Holdings Bhd has reported a fourth quarter earnings jump of 36% to RM210.98mil over the previous corresponding quarter due to more favourable mix of gateway volume and investment tax allowance provided for the capitalisation of assets for the expansion at container terminals (CT) 8 and 9.
This brings full year earnings to RM651.51mil, a 5.6% improvement over RM616.83mil reported in 2016, on the back of operational revenue of RM1.72 bil, 5% lower than the RM1.8bil in the previous financial year.
In the quarter under review, profit before tax was RM145.43mil or 17% lower from the year-ago quarter as operational revenue slipped 7% to RM435.13mil.
It added that total outstanding Sukuk Musharakah Medium Term Note is RM1.5bil and the proceeds were used to part-finance the development of the Company’s container terminal expansion. It said total capital expenditure spent in 2017 for CT8 and CT9 was more than RM800mil,
“The added capacity will further strengthen Port Klang as the pre-eminent port for the nation’s gateway trade, while also being one of the main transhipment hubs in the region,” said Gnanalingam.
Source: The Star