The global port operator posted full year profit of SGD1.26bn ($1.01bn), up 10.7% compared to SGD1.14bn in 2011.
Revenue also rose 4.3% year-on-year to SGD4.5bn in 2012.
The PSA Group handled 60.6m teu in 2012, increasing 5.2% from the previous year. PSA's flagship Singapore Terminals set a new record by moving 31.26m teu with a growth of 6.4% over 2011, while terminals outside of Singapore achieved throughput of 28.8m teu, representing an increase of 3.9% year-on-year.
“The continuing roll-out of mega ships, ordered during sunnier economic times a few years ago, saddled the industry with overcapacity in container shipping tonnage,” said Tan Chong Meng, group ceo, PSA International.
“This combined with a downcast global market place of regional economic woes, weak or increasingly domestic trade flows, and high bunker prices set an ominous and confidence-dampening environment,” Tan commented.
He projected 2013 to be a year of “adrenaline-pumping developments” peppered with “storm clouds, rough seas and possibly silver linings too.”
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