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Despite facing stiff competition,
Northport (Malaysia) Bhd proved that
it could not only handle a higher
volume of trade but more
impressively it could secure a
healthy financial performance that
had eluded its rivals.
This was clearly manifested when
Northport (Malaysia) Bhd, the port
operating subsidiary of Northport
Corporation Bhd (NCB), revealed that
it had recorded a visibly enhanced
financial performance by registering
more than 30 per cent in profits
before tax totalling RM97.9 million
last year (2001: RM65.3 million).
The impressive gain in the PBT
overall served to enhance the
stature and performance of NCB that
holds its annual general meeting
today to announce its financial
results for the year ended 2002.
Revealing this in the company's 2002
annual report, the chairman of NCB
Tan Sri Datuk Dr Ahmad Sarji said
the results helped to promote
Northport as capable of providing
world class berthing facilities
sought by vessels engaged in
international trade.
"This rate of growth was significant
in comparison as to the
relatively-slower growth experienced
by the other industries in the
country," he noted.
Northport remains the leader in
terms of volume of containers
handled through Port Klang, as it
contributes 55 per cent of the total
container volume.
During the year under review
Northport registered a throughput
volume of 2,483,386 TEUs compared
with 2,302,839 TEUs recorded during
year 2001. This represents an
increase of 7.8 per cent.
The throughput handled by Northport
during 2002 has an approximate equal
mix of import and export containers.
NMB posted a higher turnover of
RM529.0 million during the year
compared with RM480.4 million the
previous year.
Meanwhile NCB's haulage subsidiary
Kontena Nasional Bhd, maintained its
operational volume throughout the
year under review, despite the
severe competition in the sector.
Ahmad Sarji said the presence of an
increasing number of haulage service
operators provided KN with the
challenge to increase efficiency and
introduce cost management measures.
Overall, the Group, NCB, achieved
better result in the year under
review, compared with 2001.
The Group registered a turnover of
RM747.0 million in year 2002,
compared with RM706.7 million
recorded the previous year.
The profit before tax of the Group
was RM108.9 million, an increase of
38.5 per cent in comparison with the
previous year's figure of RM78.6
million.
NCB chairman also said the port
operating subsidiary had initiated
several capacity improvement
projects during the year, such as
the conversion of berths 12 and 13
from a conventional berth to
multi-purpose berths, capable of
supporting container operations.
The entire cost of the development
work is being internally funded.
The group's cash position is strong
with a healthy balance of RM315.2
million as at 31 December 2002. |
