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Volume surge pushes Westports Q1 profit up 10%

Volume surge pushes Westports Q1 profit up 10%
Westports Holdings saw first earnings rise 10.2% to MYR120.18m ($33.7m) from MYR109.0m previously, boosted by a surge in container volume, it said in a stock market announcement.

Revenue rose 9.8% to MYR398.7m from MYR363.2m.

Westports said container volume surged 17% to 2.26m teu, underpinned by robust growth in transhipment throughput. Container operations hit a fresh historical high of 794,600 TEUs in March 2015, supported by the increased capacity from the newly completed Container Terminal 7 (CT 7).

Westports said the transhipment container volume surged by 20% and this reflects the positive contribution from the Oceans Three alliance and other key customers of Westports.

Oceans Three alliance members, CMA CGM, CSCL and UASC, use Westports as their shipping hub in this region.