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            july 24, 2019

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PSA International profit falls 2.3pc to US1.2 billion while sales up 3pc


Singapore's global port operator PSA International's 2018 net profit declined 2.3 per cent to US$1.2 billion, drawn on revenues of $4.08 billion, which increased three per cent, according to Shipping Gazette.
PSA International handled 81 million TEU in 2018, an increase of 9.1 per cent year on year.
PSA's terminals in Singapore contributed 36.31 million TEU, increasing 8.9 per cent over 2017. PSA terminals outside Singapore delivered a total throughput of 44.69 million TEU, increasing 9.3 per cent over 2017.
Said PSA chairman Fock Siew Wah: "2018 was a year of constant change, beset by the headwinds of global economic and geo-political 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, 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," he said.
"The outlook remains challenging as the weakening world economy and prevailing protectionist sentiments will likely exact their toll on global trade," he said.

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