Westports Holdings Berhad released its financial results for the 1st Quarter of 2024 achieving a total revenue of RM543 million from higher container volume by 5% of 2.67 million TEUs. In the conventional segment, the company said it handled bulk cargoes amounting to 2.76 million metric tonnes. The intra-Asia regional trade underpinned its container volume growth as this trade lane accounted for 68% of the container handled.
For the quarter the company reported a Profit After Tax of RM205 million an increase by more that 12% compared to RM183 million achieved in the previous year’s quarter of the same period.
Datuk Ruben Emir Gnanalingam bin Abdullah, the Executive Chairman and Group Managing Director of Westports, shared, “The Red Sea developments have a marked influence on container shipping. Our Asia-Europe trade lane experienced lower volume due to the initial adjustments as liners opted for the longer route around the Cape of Good Hope. During the first quarter, the terminal had some peaks and troughs in its utilisation because of disruption to shipping schedules and subsequent vessel bunching.
However, the adverse effects should taper off once services have been regularised he said.
