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PETALING JAYA: Westports Holdings Bhd, which reported an 8.8% drop in net profit to RM162.3mil for the second quarter ended June 30 (2Q22), sees headwinds remaining for the rest of the year.
“External developments have become more challenging as the quarters in 2022 progress.
“The slew of unfavourable macro headwinds, supply chain constraints and pandemic nuances may pose challenges to further broad economic recoveries and trade,” group managing director Datuk Ruben Emir Gnanalingam Abdullah said in a statement.
For Westports, he said, the fast-evolving external backdrop made it increasingly more challenging for the port operator to maintain an identical container throughput volume in the current year.
“However, the local economy is currently relatively less affected. Therefore, Westports will continue to play its role as the leading gateway port for Malaysia and support its economic activities,” he added.
Westports’ revenue for 2Q22 stood at RM510.9mil, slightly up from RM505mil recorded in the same period a year ago. Basic earnings per share for 2Q22 was 4.76 sen versus 5.22 sen in the same period a year ago.
For the six-month period ended June 30, 2022 (1H22), total revenue achieved was RM1.03bil.
Net profit, meanwhile, came in at RM314mil, which was lower by 19% as the company incorporated the one-year prosperity tax in 2022.,
Pre-tax profit for the six-month period stood at RM469mil, as compared to RM509mil previously.
The lower interim profit reflected the absence of the non-recurrent insurance recoveries and the surge in fuel cost by 84%.
Westports purchases diesel at an unsubsidised price, it said.
For the six-month period of 2022, the company’s container segment handled a throughput volume of 4.88 million 20-foot equivalent unit (TEUs).
According to Westports, the period under review witnessed tumultuous global macroeconomic conditions including the surge in global energy prices, widespread escalating inflationary pressures, interest rates increase, slipping economic momentum and a military conflict in Ukraine.
“The intensifying headwinds contributed to a reduction in the transhipment containers handled to 2.97 million TEUs.
“However, the local economy demonstrated better resilience, with overall gateway volume remaining near-identical at 1.91 million TEUs.
“In the conventional segment, the company moved 5.46 million tonnes of cargo,” it said.
Westports announced its first interim ordinary dividend of 6.91 sen, which amounted to RM236mil.