World’s Busiest Shanghai Port Logs First Quarterly Profit Fall in Over a Year
SINGAPORE/HONG KONG, Oct 29 (Reuters) – Shanghai International Port Group Co Ltd, the operator of the world’s busiest container port, reported its first fall in quarterly web revenue in over a 12 months, offering proof of China’s financial slowdown.
China, the world’s second largest financial system, grew 6.9 p.c within the third quarter, dipping beneath 7 p.c for the primary time for the reason that world monetary disaster attributable to cooling commerce and investments.
Shanghai Port recorded a 3rd quarter web revenue of 1.4 billion yuan ($220.29 million), down 18.3 p.c from the identical interval a 12 months earlier, it mentioned in a submitting on the Shanghai inventory trade. That marked the primary decline for the reason that second quarter of 2014, Eikon information based mostly on firm information confirmed.
In the primary 9 months, Shanghai Port’s web revenue dropped 3.3 p.c to 4.5 billion yuan.
The port’s container throughput rose 4.5 p.c to 35.29 million TEUs (twenty-foot-equivalent items) in 2014, placing it forward of worldwide rivals corresponding to Singapore and South Korea’s Busan, in addition to Shenzhen and Tianjin in China.
Smaller listed rivals throughout China noticed comparable tendencies of their monetary outcomes this week.
Ningbo Port Co Ltd, Beibuwan Port Co Ltd and Dalian Port PDA Co Ltd reported falls in web revenue for the July-September interval.
Tianjin Port Holdings Co Ltd was one of many few that bucked the pattern by reporting an increase in third-quarter web revenue, although this was a modest 6 p.c.
Shanghai Port’s announcement got here after China markets closed on Thursday.
The port’s Shanghai-listed shares ended 0.3 p.c greater, barely lagging the primary Shanghai composite index’s 0.4 p.c rise.
($1 = 6.3552 Chinese yuan renminbi) (Reporting by Lee Chyen Yee in Singapore and Twinnie Siu in Hong Kong. Editing by Jane Merriman)
(c) Copyright Thomson Reuters 2015.
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