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SIPG full year profit down 3% to $1bn

SIPG full year profit down 3% to $1bn
Shanghai International Port (Group) Co (SIPG) has posted a net profit of RMB6.56bn ($1.01bn) for 2015, down 3% from the gain of RMB6.77bn in 2014.

While profit has dipped, the Chinese port operator reported a 2.5% year-on-year increase in annual revenue to RMB29.51bn.

Shanghai-listed SIPG said the higher revenue was due mainly to increased box throughput, even as China’s economic growth is slowing down.

Last year, SIPG registered a container throughput of 36.54m teu, up from 35.29m teu in 2014, making Shanghai the world’s busiest container port.

SIPG noted that Shanghai port has maintained throughput growth for the past six consecutive years since 2010.

Meanwhile, in the first two months of 2016, Shanghai port has handled a throughput of 5.53m teu, a decline of 3.5% compared to the previous corresponding period.