By Xavier Kong
PORT operator Westports Holdings Bhd is the first terminal in Malaysia to have handled 10 million twenty-foot equivalent unit (TEU) containers in a calendar year, following a 14% increase in container throughput to 9.89 million TEUs between January and November 2019.
Cumulatively, since the group began operations in 1996, Westports has handled more than 112 million TEUs.
At 10.18am on Dec 5, the 10,000,000th container was loaded on a vessel which plies the WAX4 Asia-West Africa service. Vessels on this service make Westports their port of call en route to the Far East, including China.
The group says it will be investing in the deployment of more terminal handling equipment, and also plans significant expansion at Pulau Indah to support long-term growth.
Westports has also announced that it will be undertaking a prudent impairment or provision in the coming financial quarter due to a berthing container vessel making contact with two ship-to-shore cranes.
“The detailed procedures and processes involving external and internal parties in determining the actual total cost, damages, recovery or reversal of provisions are unlikely to be completed by Dec 31, 2019,” the group said in a bourse filing on Dec 5.
It also noted that the initial impairment or provision will be nullified to an immaterial threshold level later on, due to the insurance coverage of the affected assets.
Westports recorded a revenue of RM460 mil and a profit of RM159 mil for the third quarter of its 2019 financial year. Westports shares closed at RM4.18, up 3 sen, with 2.6 million shares changing hands.
