GEORGE TOWN (Oct 10): Penang Port Sdn Bhd (PPSB), wholly-owned by tycoon Tan Sri Syed Mokhtar Al-Bukhary’s private vehicle Seaport Terminal (Johore) Sdn Bhd, has cut down one-third of its ferry service operation’s annual losses since since 2012. Prior to that, the ferry operations raked up over RM30 million in losses each year. “We have reduced the ferry op’s losses since Seaport Terminal's takeover in 2012. Now it is down to about RM20 million,” PPSB chief operating officer Sasedharan Vasudevan told reporters today. And the ferry ops is set to see further reduction in losses.

Source: The Edge Markets October 10, 2016 13:30 UTC