China Merchants profit down 76.3pc to US$200 million, sales off 8.7pc

HONG KONG's China Merchants Port first half profit declined 76

02 September 2020 - 19:00

HONG KONG's China Merchants Port first half profit declined 76.3 per cent year on year to a HK$1.55 billion (US$200 million ) drawn on revenues of HK$4.1 billion, down 8.7 per cent.

During the first half of 2020, the group's ports handled a total container volume of 54.87 million TEU, a year-on-year increase of 0.6 per cent.

The group's ports in mainland China, Hong Kong and Taiwan contributed an aggregate container throughput of 42.63 million TEU, a year-on-year decrease of 3.3 per cent, mainly due to the impact on import and export demand arising from the spread of the Covid crisis.

A total container throughput handled by the group's overseas ports grew 16.6 per cent to 12.24 million TEU, which was mainly benefitted from the additional throughput contributed by the terminal assets acquisition of Terminal Link.

Bulk cargo throughput reached 199 million tons, a decline of 10.9 per cent; the ports in mainland handled a total bulk cargo volume of 196 million tons, a decrease of 10.9 per cent.

For the second half of this year, the group will keep up the efforts in pandemic prevention and facilitating the resumption of work and production, promote sustainable and high- quality development with a focus on maintaining growth, improving quality and efficiency.

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