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Shanghai International Port records profit of $1.08bn in 2014

Shanghai International Port records profit of $1.08bn in 2014
Shanghai International Port (Group) Co (SIPG) has recorded higher net profit in the financial year 2014, and retained the world’s busiest container port title for Shanghai port.

Shanghai-listed SIPG posted a profit of RMB6.68bn ($1.08bn), a jump of 27% compared to RMB5.26bn in the previous financial year.

Revenue inched up by 1.9% year-on-year to RMB28.7bn.

SIPG also confirmed an annual box throughput of 35.29m teu in 2014, up 4.5% from 33.77m teu seen in 2013.

Shanghai’s closest rival, Singapore, is unlikely to beat the Chinese port as the island-state handled 30.96m teu in the first 11 months of 2014, trailing behind by 4.33m teu.