Westports Holdings Bhd’s net profit for the second quarter ended June 30, 2023 (2Q FY2023) rose to RM194.76 million from RM162.29 million a year ago, attributed to the reduction in fuel cost.
Revenue widened to RM542.64 million compared to RM510.98 million in the corresponding quarter of FY2022 mainly due to the increase in container revenue.
In a filing with Bursa Malaysia, the marine cargo handling company also announced its first interim single-tier dividend of 8.19 sen, amounting to RM279 million, to be paid on August 22, 2023.
On a half-year basis, the company reported a net profit of RM378.35 million and revenue of RM1.06 billion.
In a separate statement, Westports said the container segment contributed to 87 per cent of total revenue by handling a throughput volume of 5.24 million twenty-foot equivalent units (TEUs).
“The post-Covid-19 resumption of economic activities in the Far East has contributed to the repositioning of container boxes while Intra-Asia trade remained favourable.
“The normalisation of global supply chain efficiency levels also reduced the need for excessive container storage, contributing to a marginally lower operational revenue of RM1.02 billion,” it said.
At operating cost, workforce cost is the most significant single component at 34 per cent, it said.
Even without a higher headcount, the cost has increased due to higher salaries and allowances paid to the staff, Westports said.
