Singapore Posts Strong Profits for 2011

The Port Authority of Singapore (PSA) has posted net income of S$1.1 billion on revenues of S$4.3 billion for the year ended Dec. 31, 2011, compared to net income of S$1.2 billion on revenues of S$4.1 billion for 2010.

The 5.8 percent increase in revenue was attributed to the PSA handling 57.1 million TEU’s in 2011, up 5.6 percent from the year before. Singapore handled 29.4 million TEUs and company owned terminals outside of Singapore handled another 27.7 million.

The drop in earnings was attributed to higher operating costs and an inflationary cost environment.  The PSA did not break out numbers for cruise or other passenger traffic.

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