KUALA LUMPUR: Westports Holdings Bhd's net profit rose 11 per cent to RM204.51 million in the first quarter (Q1) ended March 31, 2024 from RM183.59 million last year despite facing challenges in container shipping, particularly due to developments in the Red Sea region.

Its quarterly revenue increased seven per cent to RM543.15 million in Q1 2024 from RM512.91 million a year ago, due to an increase in container revenue. 

The company achieved a total revenue of RM543 million as Westports handled 5 per cent higher container volume of 2.67 million twenty-foot equivalent unit (TEUs).

In the conventional segment, the company handled bulk cargoes amounting to 2.76 million metric tonnes.

"The intra-Asia regional trade underpinned Westports' container volume growth as this trade lane accounted for 68 per cent of the container handled," it said in a statement. 

Westport executive chairman Datuk Ruben Emir Gnanalingam Abdullah said Westport Asia-Europe trade lane experienced lower volume due to the initial

adjustments as liners opted for the longer route around the Cape of Good Hope. 

During the first quarter, Ruben said the terminal had some peaks and troughs in its utilisation because of disruption to shipping schedules and subsequent vessel bunching. 

"However, the adverse effects should taper off once services have been regularised. 

"Looking ahead, Westports is committed to maintaining Port Klang as one of the region's biggest and most competitive mega-transhipment hubs and being the premier gateway port to Malaysia," he added.