Shenzhen Yantian Port Holdings net profit down 3.8pc to US$66 million

Shenzhen Yantian Port Holdings net profit down 3.8pc to US$66 million

SHENZHEN Yantian Port Holdings posted a net profit of 3.8 per cent year on year to CNY16.3 million (US$2.6 million) in 2012, drawn on revenues of CNY22.29, down 12.2 per cent.

It's subsidiary, Yantian International Container Terminals (YICT), handled 2.89 million TEU last year, down 0.34 per cent. Its revenue grew 1.28 per cent to CNY1.44 billion last year, reports Securities Times with net profit rising 7.5 per cent to CNY738 million.

Shenzhen Yantian West Port Terminals handled 426,700 TEU, up 7.13 per cent. Its revenue increased 8.95 per cent to CNY212 million. It's net profit fell 1.85 per cent to CNY109 million.

Commenting on the outlook, Yantian Port Holdings said the pressure in 2013 will continued to increase with slow recovery in US and Europe and rising labour and raw material cost in China.

Meanwhile, port overcapacity is looming at the Pearl River Delta and might become more serious. Besides, rising cost, tightening environmental protection measures and shrinking exports will have impact on the future growth of the port. In addition, expanding western rival terminals of Shenzhen also pose a threat to Yantian.