KUALA LUMPUR – Westports Holdings Bhd’s net profit for the first quarter ended March 31, 2021 (Q1 2021) rose to RM208.32 million from RM152.81 million in Q1 2020.
In a filing with Bursa Malaysia today, Westports said its revenue for the quarter under review also increased to RM508.16 million from RM473.47 million previously.
In a separate statement, the largest listed port operator in the country said the improvement in its top-line growth was primarily due to higher revenue from the container segment, as throughput volume increased 5% to 2.66 million twenty-foot equivalent units.
Describing the Q1 2021 performance as momentous, group managing director Datuk Ruben Emir Gnanalingam Abdullah said the company had invested and completed the container yard Zone Z, located in the Container Terminal 9 at the cost of RM81 million in 2020.
“By the end of 2021, we will complete an additional 19-acre Container Terminal Yard 8.
“In addition to these, the company is still investing in more terminal operating equipment and the new liquid bulk terminal jetty 5 to reinforce Port Klang as one of the main transhipment hubs in Southeast Asia for international container shipping alliances,” he said.
On prospects, Westports said the company expects a single-digit container throughput growth for 2021.
“The vaccination programme rollout worldwide should pave the way for recovery in economic activities and consumer confidence, while fiscal stimulus is bolstering economic activities in many countries,” it said.
Nevertheless, it cautioned that the trajectory towards normalcy could still have some deviations due to different vaccination programme implementation speed, sporadic resurgences, or lingering effects of the pandemic. – Bernama, April 28, 2021
