Profit from the terminals business increased by 17.5% to $109.1m from $92.8m previously, primarily driven by the growth in container throughput. Total throughput increased by 10.1% to 32.5m teu from 29.5m previously.
Mirroring poor performance elsewhere in the container sector, profit from the container leasing, management and sale businesses fell by 30.2% to $53.3m from $76.3m previously as rental yield remained low during the first half.
As a result, net profit came in at just $146.8m compared to $560.3m previously. However profits in the corresponding period last year saw big gains of $393.4m from the sale of its stake in China International Marine Containers (CIMC) and a $23.2m share of profits in CIMC from that stake. Stripping out the discontinued operations from the comparative results, net profit rose 2.1% from $143.8m previously.
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