China Merchants Ports posts HK$6b earnings, revenue slips

Business | 29 Mar 2018 12:21 pm

China Merchants Port Holdings Company (0144) said today full-year net profit grew by 9.7 percent to HK$6.02 billion, from HK$5.49 billion the year before.

Basic earnings per share was 183.90 HK cents, up 4.7 percent, for the year ended December 31, 2017.

The ports operator declared a final dividend of 59 HK cents per share, compared with 65 HK cents per share in 2016.

Group revenue dropped by 1.7 percent to HK$43.48 billion, from 2016.

Revenue from the core ports operation increased by 9.6 percent over last year to HK$26.85 billion, the company reported. Port operations revenue from the mainland China, Hong Kong and Taiwan was HK$6.95 billion.

Containers throughput increased by 7.4 percent to 102.90 million TEUs, from 95.77 million TEUs in 2016, the company reported.

Bulk cargoes handled increased by 10.3 percent to 507 million tons, from 460 million ton in 2016.

Operations in Hong Kong and Taiwan contributed an aggregate container throughput of 7.48 million TEUs, up by 8.8 percent over last year.

Recurrent profit HK$5.49 billion, up by 19.9 percent as compared to 2016.

The company said it benefited "from the rapid growth of the ports operation of Colombo International Container Terminals Limited in Sri Lanka, Lomé Container Terminal S.A. in Togo and Kumport Liman Hizmetleri ve Lojistik Sanayi ve Ticaret Anonim Sirketi ("Kumport”) in Turkey.'' The total container throughput handled by the overseas ports grew by 7.9 percent on-year to 18.30 million TEUs.

Containers moved by CICT in Sri Lanka increased 18.5 percent to 2.39 million TEUs, from the year before, China Merchants Ports said.

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