Shanghai port firm posts 27% rise in net profit
Print Edition
SHANGHAI International Port (Group) Co yesterday reported a 27 percent jump in net profit last year after its container throughput expanded.
Its net profit hit 6.68 billion yuan (US$1.07 billion) while revenue added 1.9 percent to 28.7 billion yuan, the company said in a filing to the Shanghai Stock Exchange. The average earnings per share reached 0.29 yuan.
Container terminal operations are the core business of the largest port group on the Chinese mainland.
The port operator handled 35.29 million TEUs (twenty-foot equivalent units) at its container terminals in 2014, a rise of 1.51 million TEUs from 2013.
But the company saw a slight drop in its cargo throughput to 539 million tons last year.
The company has also tied up with other interested parties to boost its core business. At the end of December, the company teamed up with the Hunan provincial government to form a container business joint venture.
The company said it made a breakthrough by attracting foreign capital to expand its port operations when it tapped beneficial polices unveiled for Shanghai’s free trade zone.
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