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Slack volumes see Xiamen Port posting flat H1 profits

Slack volumes see Xiamen Port posting flat H1 profits
Xiamen International Port Co reported flat first half net profit of RMB125.80m on a 31.6% rise in revenue to RMB1.87bn from RMB1.42bn in the previous corresponding period.

The revenue rise was mainly due to the increase in revenues from the trading of merchandise, ancillary value-added port services and container loading and unloading and storage business, which was partially offset by the decrease in revenues from manufacturing and selling of building materials and bulk/general cargo loading and unloading business, the group said in a stock market announcement.

Container throughput at key terminals Xiamen International Container Terminals (XICT) and Xiamen Haicang International Container Terminals (XHICT) was affected by a number of factors including loss of business to competitors and the decline in throughput of European shipping lines arising from the weak European economy, resulting in a  25.3% fall in container throughput to 394,101 teu in the first half of the year.

TAGS: Ports China