HONG KONG's China Merchants Holdings (International) has posted a 29.4 per cent first half net profit increase to US$361.3 million, drawn on revenues of $529 million, an increase of 4.1 per cent year on year
Profits from core operations grew 10 per cent year on year to $309.6 million, the company told the Hong Kong stock exchange in a filing.
China Merchants, the biggest mainland terminal operator, increased throughput five per cent year on year to 41.35 million TEU, though mostly because of the contribution from overseas ports, in particular the Sri Lanka project.
Container throughput handled by the group's overseas projects grew 20 per cent to 7.9 million TEU as business rapidly increased at Colombo International Container Terminals.
"Although the traditional peak season in the second half of this year is expected to support China's export trade, China's port industry would continue to be hampered as growth continued to slow, owing to challenging external and domestic economic conditions," said the China Merchants statement.
"With steady expansion in its overseas projects, the performance of the group's ports operation seen in the first half is expected to sustain throughout the rest of the year," the company added.
Said China Merchants chairman Li Jianhong: "Benefited by contributions from overseas ports, in particular the Sri Lanka project, container throughput handled during the first half of 2015 rose 5.3 per cent year on year to 41.35 million TEU."
China Merchants ports on the mainland delivered container throughput of 30.36 million TEU, an increase of five per cent, enabling China Merchants to sustain its leading position among Chinese ports.
The group's operations in Hong Kong and Taiwan delivered an aggregate container throughput of 3.03 million TEU, a decline of 18.7 per cent year on year.
China Merchants also entered into a deal with CMA CGM in July, whereby investment opportunities in connection with ports, logistics and related infrastructures along the "One Belt, One Road" will be exploited.
Regarding the on-going establishment of its West Shenzhen home-base port, an implementation and investment plan on the widening of Tonggu Channel, which will effectively improve the navigation environment in the West Shenzhen Port Zone, has been formulated after continuous discussion with the Shenzhen government.
The group had also commenced the development of "Mawan Smart Port", which involves converting the multi-purpose berths owned by Shenzhen Haixing Harbour Development Company, a subsidiary of the group, into two 200,000-tonne container berths, as a container terminal that is automated, intelligent, green and low-carbon.
MARKETS
04 September 2015 - 19:27
China Merchants profits up 29.4pc to US$361.3 million as sales rise 4.1pc
HONG KONG's China Merchants Holdings (International) has posted a 29.4 per cent first half net profit increase to US$361.3 million, drawn on revenues of $529 million, an increase of 4.1 per cent year on year
MARKETS
04 September 2015 - 19:27
China Merchants profits up 29.4pc to US$361.3 million as sales rise 4.1pc
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