PSA International has reported earnings of $1.17 billion for the FY2020 ended December, 6.2% lower than earnings of $1.25 billion in FY2019, due to lower income and other operating expenses.

During the year, PSA International handled 1.7% more 86.6 million twenty-foot equivalent units (TEUs) y-o-y. The group also contributed 36.6 million TEUs, representing a 0.9% drop y-o-y.

PSA terminals outside Singapore delivered a total throughput of 50 million TEUs, up 3.7% y-o-y.

Revenue for the FY2020 grew 2.5% y-o-y to $4.18 billion on higher throughput and business acquisitions.

Profit from operations fell 4.2% y-o-y to $1.65 billion.

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According to the group’s results statement on March 19, PSA’s balance sheet remains “strong” with a gross debt equity ratio of 0.58 times at the close of 2020.

“Despite the supply chain shocks in the first half of 2020, the PSA team, together with our partners, rallied to meet our customer needs around the world. This enabled us to finish the year on a strong footing with a credible performance, while still keeping safety at the forefront,” says Peter Voser, group chairman.

“PSA stands ready to continue supporting our customers and partners with strong operational performance and supply chain optimisation solutions amidst the Covid-19 crisis in 2021 and beyond. As a leading global port group, we will also work alongside stakeholders to expand our efforts towards combating climate change and building a more sustainable future,” he adds.

“As a key global player in the transport and logistics industry, PSA is in a unique position to innovate, influence and effect change across the supply chain for greater reliability, and also for a healthier and greener world. We are united in our drive to ensure long-term sustainability for our businesses, our partners, and the communities where we operate,” says Tan Chong Meng, group CEO.