PSA International net profit rises 13.4% to S$1.43b in 2013

Lifted partly by asset disposals.

PSA International (PSA) posted 61.81 million TEUs (Twenty-foot Equivalent Units) in 2013, increasing 2.9% from the previous year. Adjusting for port portfolio changes, the Group's like-for-like volume growth over 2012 is 4.6%, with stronger performance from the overseas terminals.

PSA’s flagship Singapore Terminals achieved 32.24 million TEUs with a growth of 3.1% year-on-year.

PSA terminals outside Singapore delivered a total throughput of 29.57 million TEUs, representing an increase of 6.3% over 2012 on like-for-like basis.

PSA Group revenue and expenses were higher by 3.3% and 4.4% respectively. Net profit for the year increased by 13.4% to S$1.43 billion, partly attributed to one-off income from asset disposals.

PSA’s balance sheet remains strong with a gross debt equity ratio of 0.58 times at the close of 2013.

“PSA has performed creditably amid a difficult year in 2013 which saw unsettling volatility, much uncertainty and uneven growth across the global economic landscape. We achieved 61.8 million TEUs and made good progress on our portfolio of ports in China and Colombia. We also made various investments in facilities and equipment across the Group as we upgraded our capability to better serve our clients’ needs. Our focus on service and on our customers did not waver and our commitment to excel and provide best-in-class service was not compromised," said Mr Fock Siew Wah, Group Chairman, PSA International.

"Looking ahead, I foresee persisting challenges – the volatility, uncertainty and unevenness of growth that plagued 2013 will stubbornly remain as common features for 2014. We have to remain agile, tread with caution and work closely with our customers and partners to seize the opportunities while avoiding the pitfalls. I remain confident in our ability as a Group to overcome the challenges that come our way," he added.