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SIPG improves earnings in H1

SIPG improves earnings in H1
Shanghai International Port (Group) Co (SIPG) has improved its earnings in the first half ended 30 June 2015 compared to the year-ago period.

The Shanghai-listed company posted first half net profit of RMB3.1bn ($484.87m), an improvement of 5.7% compared to RMB2.93bn in the same period of last year.

Revenue in the first six months also went up by 7.1% year-on-year to RMB14.77bn due mainly to higher container throughput and cargo movements.

In the first six months of this year, the Chinese port operator registered a total throughput of 18.03m teu, an increase of 4.5% compared to 17.26m teu seen in the previous corresponding period.

Up until July, the world’s busiest container port has handled throughput of 21.14m teu, up 4% year-on-year.

Despite the improved results, SIPG warned of slowing growth ahead due to uncertainties in the global economic outlook. “In the first half of 2015, global economic growth has slowed down, and the same can be said for China’s economic growth,” SIPG said.

“The slowing global economy will lead to overall more muted consumer demand, resulting in slowing port activities as well,” it added.