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SIPG sees reduced earnings in Q1

SIPG sees reduced earnings in Q1
Shanghai International Port (Group) Co (SIPG), the operator of Shanghai port, has seen reduced earnings in the first quarter ended 31 March 2016 over the year-ago period.

The Chinese port operator recorded a first quarter profit of RMB1.22bn ($188.51m), a decrease of 18.9% from RMB1.5bn in the same period of last year.

The quarterly revenue for SIPG also dropped by 4.3% year-on-year to RMB7.11bn on lower container throughput.

From January to March this year, Shanghai port handed a total throughput of 8.54m teu, down 1.5% from 8.67m teu in the previous corresponding period.