Shanghai Port quarterly profit off 2.5pc at US$242.5 million, but H1 up 14.9pc
SHANGHAI International Port's second quarter net profit dropped 2.5 per cent to CNY1.49 billion (US$242.5 million) while it posted a first half net profit increase of 14.9 per cent to CNY2.93 million year on year.
That showed a sharp slowdown from the first quarter's 41 per cent rise, though it was better than the 10.5 per cent fall seen in fourth-quarter 2013, based on Reuters data.
A sluggish global economy and China's slowing growth were blamed for the port's performance, though it is expected the port will benefit from government incentives to boost investments in Shanghai's free trade zone.
Container throughput increased 3.8 per cent to 33.77 million TEU in 2013, putting it ahead of global rivals, such as Singapore, Shenzhen, Hong Kong and Busan.
Shanghai results came after Shenzhen's Yantian Port Holdings, Tianjin Port Holdings and Beibuwan Port Co posted first half profit increases while Rizhao Port recorded a fall.