KUALA LUMPUR: Westports Holdings Bhd has posted a lower net profit of RM699.58 million for the financial year ended Dec 31, 2022 (FY2022) from RM808.22 million recorded in FY2021.

Revenue for the year however was slightly higher at RM2.07 billion versus RM2.02 billion previously.

"The container segment contributed 86 per cent to total revenue with a throughput volume of 10.05 million twenty-foot equivalent unit (TEUs). The year under review witnessed multiple headwinds, some of which showed signs of moderation as the year ended while others possibly contributing towards longer-term structural shifts," it said in a filing to Bursa Malaysia.

For the fourth quarter ended Dec 31, 2022, Westports' net profit rose to RM235.04 million from RM222.88 million in the same quarter a year ago.

The port operator also registered a higher revenue of RM521.14 million compared with RM503.9 million previously.

"The domestic economy showed relatively better resilience as export-oriented sectors benefitted from increased competitiveness with a weaker local currency.

"Specific sectors have benefitted from regionalisation and foreign direct investments as the latter capitalised on the nation's competitive advantage. The gateway volume increased by nine per cent to 3.97 million TEUs, with notable growth during the third and fourth quarters of 2022," it added.