Port operations boosts Portek bottom line

Despite slimmer revenues, Portek fattened its net profits by 46.7 per cent to US$9.25 million for the year ended June 30, reported Business Times Singapore.

Revenues for the port operator and engineering group dipped 9.5 per cent to $92.23 million.

It managed to improve operating margins due to “more efficient engineering project execution and overall cost controls in the group’'.

About 70.6 per cent or $65.06 million of Portek's revenues were added by its port operations and management business, which saw stable turnover in the face of a decline in world trade and global port throughput.

Portek's overall container throughput in its ports in Algeria, Gabon, Indonesia, and Malta rose about seven per cent to 771,000 TEUs year-on-year.

Shrinking cargo volumes impacted Portek's Gabon port revenues, but these were made up by its Algerian port in Bejaia.

At its results briefing yesterday, Portek's executive director and chief operating officer, Ooi Boon Hoe, said that while other operators are reporting much heftier throughput increases of about 20 per cent, the economic downturn saw their throughput plunging as much as 30 per cent. '

“They went back to square one again this year,’’ said Ooi. “Throughput for Portek, on the other hand, rose 4.5 per cent the year before and seven per cent this year. So cumulatively, we are much better off than we were.’’
(Source:www.cargonewsasia.com)