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PSA sees steady growth

PSA sees steady growth

Singapore: PSA International has released its latest annual results, which show a 14.3% increase in net profits for the group to 1.2bn in 2006. The company, whose terminals handled a record 51.29m teu containers last year, attributed the profits to a combination of one off gains and surge in container volumes handled due to "organic growth at the existing terminals and new port acquisitions." In particular, PSA's overseas terminals in Europe, China and other parts of Asia collectively handled 27.31m teu (30.2%.more than in 2005), exceeding the 23.98m teu throughput at the group's Singapore-based terminals for the first time.

Fock Siew Wah, PSA International Group chairman said, "PSA continually strengthened its leadership position in 2006 both through capacity expansion at its existing terminals and by investing in new port projects around the world. Moving forward, our main challenge as we expand is to manage the upward trending cost arising from escalating fuel and material prices, an increasingly tight labour market, and a need to customise our services to meet shipping lines' rigorous demands."

The group anticipates a continuous increase in container volumes over the coming year and has invested in new berths at its terminals in Incheon and Tianjin as well as at Pasir Panjang Terminal in Singapore, and at Antwerp's Deurganck Terminal.   [06/03/07]