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Record 2014 net profit of $141m for Westports

Record 2014 net profit of $141m for Westports
Malaysian port operator Westports Holdings has posted a record net profit rising 17.7% to MYR512.2m ($141.2m) for 2014 from MYR435.3m previously, as fourth quarter gains jumped 6.6% to MYR139.8m.

Full-year operational revenue rose 11% to MYR1.5bn compared to MYR1.3bn previously, due mainly to the 12% increase in container throughput to 8.4m, Westports said in a stock market release.

For the fourth quarter operational revenue rose 8% to MYR385.9m from MYR357.3m fromthe previous corresponding quarter, while container throughput increased 11.7% to 2.19m teu from 1.96m teu previously.

Chief executive officer Ruben Emir Gnanalingam said 2014 was a momentous year for the company as it achieved its highest ever operational revenue, profit level and also container throughput volume.“To enhance our growth momentum, Westports is laying the foundation for the next phase of expansion as we capitalise on the ever-rising container throughput levels while also supporting our clients’ strategic requirements such as the Ocean Three Alliance (O3),” he said.

The three lines are currently using Westports as their hub, with the alliance set to further reinforce Westports as its key shipping hub in this region, he added.