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September 1, 2009

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Home » Business » Transport

Port net earnings dip 30% on less cargo

SHANGHAI International Port Group reported a 30 percent drop in its first-half profit due to a slower turnover of cargo as an economic crisis hurts exports.

The company reaped a 1.71 billion yuan (US$252 million) profit, or 0.08 yuan per share, in the six months ended June 30, according to a filing to the Shanghai Stock Exchange on Sunday.

Revenue came in at 7.9 billion yuan during the period, a 13.6 percent drop from the same period last year.

The group handled container throughput in the first half of 11.67 million TEUs (twenty-foot equivalent units), a decline of 15.5 percent from a year ago as a tumble in exports hurt its operations. The cargo throughput stood at 169.5 million tons, a 10.8 percent drop year on year.

There were signs of improved business in the second quarter when container throughput rose 7.9 percent quarter on quarter while cargo throughput gained 24.32 percent.

"The economy in the US and Europe is starting to rebound in the second half and a rise in overseas demand (for goods) will boost our business," the company said in the statement.

Zheng Dong, an analyst at China International Capital Co, wrote in a research report that the rebound in China's exports in the second half "will bring profit to the group's container handling business." The report forecast 0.18 yuan per share for the group's earnings in 2009.

Shares of the port firm lost 2.80 percent to 5.21 yuan while the Shanghai Composite Index fell 6.74 percent.


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