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Northport throughput down 15% in first two months
2009/4/1
NCB Holdings is bracing for a challenging year as its port-operating subsidiary, Northport, saw container throughput fall almost 15 per cent in the first two months of 2009.
Northport contributed about 90 per cent of the group''s net profit of US$42.95 million last year.
"Our past experience has shown that the second half of the year is normally stronger (in terms of throughput numbers). So, if there are any signs of a recovery, we will be able to see it from June onwards,'''' Northport managing director and chief executive officer Datuk Basheer Hassan Abdul Kader told the Business Times.
Northport handled three million TEUs last year.
Basheer is hoping that continued growth in gross domestic product experienced by economic powerhouses China and India will work to Northport''s advantage, and offset the decline in trade from the US and European countries.
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2009/4/2