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PSA earnings stable in ‘business unusual’ year

PSA earnings stable in ‘business unusual’ year
Global port operator PSA International recorded higher revenue but lower profit for 2014, with the group ceo Tan Chong Meng describing last year as “business unusual”.

PSA Group revenue improved by 2.9% year-on-year to SGD3.83bn while overall net profit for 2014 was recorded at SGD1.4bn ($1bn), down 1.7% compared to SGD1.43bn in 2013.

In box throughput, PSA International posted a record 65.44m teu in 2014, representing an increase of 5.8% from 2013.

“While the throughput figures might have given the perception that 2014 was a typical year, we at our corner serving our customers, knew 2014 was business unusual!” Tan said.

“The industry awoke to harsh new realities: mismatch of mega vessels and ports, more complex alliance arrangements, reduced shipping reliability, port congestion; it was a challenging and uncertain time for the industry,” he said.

“In fact, as more mega vessels enter service and the workings of the mega alliances go into full swing in 2015, we may continue to see operational challenges this year,” he added.