PSA International earnings down 6.3% y-o-y to $1.46 billion in FY2023

PSA International has reported earnings of $1.46 billion for the FY2023 ended Dec 31, 2023, down 6.3% compared to its $1.56 billion earnings in FY2022.

For the full-year period, revenue decreased by 11.2% y-o-y to $7.10 billion due to challenging market conditions and weak trade demand. Profit from operations decreased by 2.6% y-o-y to $2.11 billion, while the decrease in overall net profit for the year was also affected by cost inflation and higher finance cost.