KUALA LUMPUR (July 30): Westports Holdings Bhd’s net profit rose by 32.48% to RM177.97 million in the second quarter ended June 30 (2QFY21) from RM134.34 million recorded in the previous year’s corresponding quarter, largely due to higher container revenue. 

Consequently, earnings per share jumped to 5.22 sen from 3.94 sen.

In a Bursa Malaysia filing today, the port operator highlighted its quarterly revenue increased by 17.02% to RM505.07 million against RM431.6 million previously. 

The group also has declared its first interim dividend of 8.5 sen per share to its shareholders, to be paid on Aug 26. 

For the half-year period ended June 30, the group’s net profit leapt by 34.53% to RM386.29 million from RM287.15 million, underpinned by higher container revenue and progressive insurance reimbursement for the vessel incident involving two quay cranes in 2019. 

Revenue, on the other hand, surged by 11.95% to RM1.01 billion against RM905.07 million. 

On a quarterly basis, Westports’ net profit, however, declined by 15% from RM208.32 million reported in the preceding quarter whilst revenue dropped marginally by 1% from RM495.8 million due to the reduction in conventional throughput.

Moving forward, the group expects single-digit container throughput growth for 2021.

“The vaccination programme roll-out worldwide should pave the way for recovery in economic activities and consumer confidence.

“Fiscal stimulus is bolstering economic activities in many countries. Nevertheless, the trajectory towards normalcy could still have some deviations due to different vaccination programme implementation speed, sporadic resurgences or lingering effects of the pandemic,” it said. 

At the time of writing, shares in Westports traded eight sen or 1.9% lower to RM4.12, valuing the port operator at RM14.05 billion. Year to date, the stock has fallen by 5.02%.