Company Briefs: PSA International

An aerial view of PSA International and its containers at Tanjong Pagar Terminal.
An aerial view of PSA International and its containers at Tanjong Pagar Terminal. PHOTO: ST FILE

PSA International

Port operator PSA International posted a 7.5 per cent drop in net profit to $1.17 billion for the year ended Dec 31.

Revenue increased by 3 per cent to $3.68 billion, while profit from operations fell by 5.4 per cent to $1.61 billion, partly owing to higher depreciation, it said in a statement.

PSA International's balance sheet had a gross debt equity ratio of 0.52 times.

PSA International handled 67.63 million twenty-foot equivalent units (TEUs) of containers at its port projects around the world for the year ended Dec 31 - up by 5.5 per cent on 2015.

PSA Singapore Terminals contributed 30.59 million TEUs last year, down by 0.1 per cent from a year earlier. Terminals outside Singapore handed 37.04 million TEUs, up by 10.6 per cent.

PSA International group chairman Fock Siew Wah said that the port operator will face uncertainties this year but still expects opportunities in the global maritime supply chain.

Shangri-La Asia

Hotel giant Shangri-La Asia has reported a 24 per cent tumble in net profit, which fell to US$106.1 million (S$148.4 million) in the year ended Dec 31.

The hotel firm reported that revenue fell by 3 per cent to US$2.06 billion, driven by local currency depreciation.

Most of the local currencies that the group operates in - apart from Hong Kong and Japan - have depreciated against the greenback.

Profit before non-operating items rose by 60 per cent to US$137.6 million, thanks to an increase in profits from the hotel ownership, hotel management services and property sales operating segments.

The hotel firm's overall weighted average daily rate of its Singapore portfolio fell by 5 per cent for the year. It also recorded a 3 per cent fall in the weighted average revenue per available room (RevPAR).

RevPAR rose by 39 per cent for Hotel Jen Tanglin Singapore, but fell by 14 per cent at Shangri-La Hotel, Singapore.

Yearly earnings per share was 2.97 US cents, compared with 3.93 US cents a year earlier.

A final dividend of eight Hong Kong cents (1.44 Singapore cent) per share was declared, compared with five Hong Kong cents a year earlier.

A version of this article appeared in the print edition of The Straits Times on March 24, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe