MMC which has a 50.1% stake in the port, attributed PTP’s maiden pre-tax profit against a loss of RM84 million a year ago to the 29.01% increase in revenue to RM385.1 million from RM298.5 million previously.

In reviewing the company’s performance for the year ended Jan 31, 2004, MMC group chief executive Datuk Ismail Shahudin said besides the higher revenue, the port’s profit also came from the RM33.9 million interest savings on the redeemable convertible subordinated loan (RCSL).

“PTP’s shareholders continued to provide support by converting their respective portions of the RM150 million RSCL into equity to place the company on a better footing,” he said.

Low-profile businessman Tan Sri Syed Mokhtar Al Bukhary, through his Indra Cita Sdn Bhd, had a 40.09% stake in MMC. Seaport Terminal (Johore) Sdn Bhd, a subsidiary of Indra Cita, owns 19.9% stake in PTP while Danish shipping group AP Moller 30%.

This is the first time MMC consolidated PTP’s full year result compared with PTP’s one-month result in the previous year.

Ismail said container throughput in 2003 shot up by 30% to 3.5 million twenty-foot equivalent units (TEUs), solidifying its position as Malaysia’s top container terminal.

Gross crane productivity, ranked among the world’s best, improved by 3% to 32 moves per hour.

He said phase two development of PTP, due to be completed in the third quarter this year, would enable the port to handle six million TEUs annually and strengthen its capabilities to deliver greater value to its customers.

“The port will continue to target aggressive growth from the expected increase in world containerisation and trade,” he added.