PSA PROFITS DROP AMIDST DIFFICULT AND UNCERTAIN TIMES

In what feels like bad times are coming, Singapore port operator PSA reported a 9.5% drop in profits from a year ago. It earned S$1.27 billion for the year ended Dec 31, 2015.

Revenue dropped 6.7% to S$3.57 billion, and profit from operations slid 9.3 per cent to S$1.7 billion on lower volumes and higher depreciation.

Mr Tan Chong Meng, Group CEO of PSA International, said they are facing “difficult, uncertain times”, against the backdrop of sliding crude oil prices and slowing global economy.