GEORGE TOWN: Penang Port Sdn Bhd (PPSB) achieved a record profit after tax of more than RM70 million for 2009, almost triple its profit after tax of RM23 million in 2008.

Buoyed by its best performance ever, PPSB managing director Datuk Ahmad Hajar said on Wednesday, March 31, a plan to revamp its entire loss-making ferry services had been submitted to the Ministry of Finance (MOF) last month.

In 2009, the ferry services suffered losses of RM14 million compared with RM18 million in 2008.

"We are planning a total revamp of the ferry services, which will be self-financed with our own internal resources. The loss-making ferry services have been our sore point but the MOF seems happy with the plans we have proposed.

"With this plan in place, if we are allowed to proceed, we will be able why to seek approval for listing after all these years. The ferry services have been one of the reasons why we have not been able to do so.

"Our plan will enable us to cut our losses, break even and make money," Ahmad said at a press conference after a PPSB business networking session in conjunction with PPSB's rebranding transformation, which will be officiated by Deputy Prime Minister Datuk Seri Muhyiddin Yassin on Thursday.

However, Ahmad declined to reveal details of the plan, which is still awaiting the nod from MOF.

Ahmad said the PPSB achieved 3% growth in 2009 despite other ports in the country achieving negative growth.

"We did well even though the global economic crisis was at its height," he added.

Attributing its record financial performance to tax rebates and better financial management, Ahmad said, since he took over PPSB operations in 1999, it had been profitable and paying dividends without fail each year.

Last year PPSB achieved almost RM300 million in turnover and is confident of exceeding the RM300 million this year.
In 2009, it handled 950,000 TEUs and is targetting 1,035 million TEUs this year.