[140211.EN.SEA] Portek First Half Profit Up 21pc To US$5.68 Million

SINGAPORE's Portek, terminal operator and provider of port equipment, increased net profit 21 per cent to S$7.3 million (US$5.68 million) in the first half of fiscal year 2011 ending December 31.

Despite the impact of the strong Singapore dollar against the US dollar, especially felt in the port operations and management unit (POM), revenues across the group's terminals were up in local currency terms, outside of one terminal in Indonesia.

Its overall container throughput from terminals in Indonesia, Algeria, Malta and Gabon was up 0.5 per cent year on year to 390,000 TEU, driven down by its losses in Indonesia.

The group's focus on operating efficiency in its port operations and management has created an EBITDA of S$19.0 million, up 5.6 per cent, drawn on revenues of S$65.7 million.

Portek is cautiously optimistic of improved business prospects for its core businesses of POM, Engineering and Port IT & Automation and will seek selective expansion opportunities, said the company in its financial statement.

Source : HKSG, 14.02.11.