The Port of Tanjung Pelepas reported its maiden pre-tax of M$8.7M ($2.3M) in 2003 compared with a loss of M$84M in 2002.
 
The statement was disclosed for the first time, in the annual report for MMC Corp, PTP’s majority shareholder.
 
As a company listed on the Malaysia Stock Exchange, MMC is legally required to disclose annual financial reports including that of its subsidiaries.
 
The report also revealed that PTP’s turnover had risen to M$385M in 2003, a 29% increase over 2002. A PTP spokesman commented: “It is rare for a four-year old port, especially one of our size, to post profits within a short period. We have managed to do so due high volumes and competitive costs.”
 
PTP handled 3.5M TEU in 2003, and is expected to handle more than 4M TEU this year.