Portek expansion bears fruit

Singapore: Port operator and equipment provider Portek International recorded a 53.5% hike in revenues to $114.6m for the 12months ended June 30, thereby breaking the $100m barrier for the first time. The increase was attributed to continuing expansion into relatively new markets such as Latin America, Europe and North America, a strategy embarked upon after Portek listed on the Singapore Stock Exchange in 2002. But this geographical expansion also involved unforeseen costs, says the company, which together with other factors such as inclement weather conditions meant margins were affected, with pre-tax profit up 22% to $13.7m. Terminal operations grew 41% to give revenues of $16.8m, with gross margins said to remain healthy at above 50%. A new Algerian terminal (BMT) came on line during the year, while subsidiary Valletta Gateway Terminals signed a 30-year operating concession for a container, car and conventional cargo port with the Maltese authorities.  [07/09/06]