Revenue increased 5.9% to RM543.15 million from RM512.92 million previously.

In a filing with Bursa Malaysia today, Westports said the profit after tax (PAT) increased by 11% to RM205 million, attributed to a higher container revenue.

In a separate statement, the country’s largest listed port operator said its total revenue of RM543 million was attributed to Westports handling a higher container volume, up by 5% to 2.67 million twenty-foot equivalent units (TEU).

“In the conventional segment, the company handled bulk cargoes amounting to 2.76 million tonnes,” it said.

Executive chairman and group managing director Ruben Emir Gnanalingam Abdullah said 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 added.

Looking ahead, he said Westports will celebrate its 30th anniversary this year while simultaneously embarking on the Westports 2 container terminal expansion programme.

“The company has arranged a RM5 billion sukuk wakalah medium-term note programme to facilitate the funding requirements.

“Westports is committed to maintaining Port Klang as one of the region’s biggest and most competitive mega-transhipment hubs and the premier gateway port to Malaysia,” he added.

As at 2.25pm, Westports’s share price was down by four sen or 1.02% at RM3.87, giving it a market capitalisation of RM13.2 billion.