KUALA LUMPUR, Nov 9 — Westports Holdings Bhd’s net profit for the third quarter ended Sept 30, 2023, increased to RM195 million compared to RM150.39 million in the same period last year.
Revenue rose to RM542.31 million from RM520.54 million previously, the group said in a filing with Bursa Malaysia today.
The higher revenue was attributed to a rise in container revenue which contributed to the higher net profit, coupled with a reduction in cost of sales and administrative expenses, the group said.
For the nine-month ended Sept 30, 2023, net profit rose to RM575.35 million against RM464.54 million in the same period last year on the back of revenue improving to RM1.60 billion from RM1.55 billion previously.
In a separate statement, executive chairman cum group managing director Datuk Ruben Emir Gnanalingam Abdullah said the company has re-intensified its stakeholders engagement after previous years of pandemic-restricted mode of interaction.
“Together with the Transport Ministry, we had productive sessions with some of our key clients abroad, while Westports also hosted more visits to the port by other terminal operators, customers and local stakeholders,” the statement said.
These sessions have also facilitated the long-awaited container terminal expansion as the government has now presented the proposal to expand container terminals 10 to 17 to the cabinet, the statement said.
The expansion will double the total container handling capacity of Westports, he said.
— Bernama
