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CIG Yangtze Ports profit up 440pc as Wuhan port nears full build out

HONG KONG-listed port operator CIG Yangtze Ports, which runs Wuhan Container Terminal (WIT), posted 440 per cent year on year profit increase to HK$25.59 million (US$3.3 million) for 2014, drawn on revenues of HK$186.48 million, up 23.5 per cent. 

CIG Yangtze Ports profit up 440pc as Wuhan port nears full build out
09 April 2015 - 20:32
CIG Yangtze Ports profit up 440pc as Wuhan port nears full build out

HONG KONG-listed port operator CIG Yangtze Ports, which runs Wuhan Container Terminal (WIT), posted 440 per cent year on year profit increase to HK$25.59 million (US$3.3 million) for 2014, drawn on revenues of HK$186.48 million, up 23.5 per cent. 

Growth was attributed to increased revenues from its integrated logistics service, up 19.9 per cent, and its terminal service business, which rose 28.5 per cent, reported IHS Maritime 360. 

During 2014, Wuhan's WIT port, 85 per cent-owned by CIG Yangtze Ports, increased throughput 16 per cent year on year to 402,748 TEU. Gateway cargo was up 27.3 per cent to 264,012 TEU, while transshipments slipped 0.8 per cent to 138,736 TEU. 

CIG Yangtze Ports told the Hong Kong stock exchange in its filing that it expected global economic recovery to improve world trade, and expressed confidence that WIT would achieve another record year. 

As a regional container hub port at the middle reaches of the Yangtze it is a feeder port to Shanghai, and transport point to a densely populated hinterland that has earned a reputation as China's Silicon Valley with its highly educated young people. 

To remain competitive, the company is developing a new multipurpose port, which is expected to be completed by July that will add an additional 20,000 TEU to capacity when operation commences by September.

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