SIPG unaudited profits up for '08 despite slower throughput growth

Shanghai: China's biggest port operator, Shanghai International Port Group (SIPG), has announced a 27% increase to its unaudited net profit for 2008 to 4.61bn yuan ($674m) in spite of the fact that the current economic crisis slowed the pace of container traffic. The group saw only a 7% increase in throughput to 28m teu and a 4.5% increase to total cargo tonnage to 368m tonnes.

"(As it) suffered from the global financial crisis, port of Shanghai slowed down its growth rate comparing with previous years, but still keeps a reasonable growth," SIPG said in a statement, adding that Yangshan Deepwater Port (pictured) accounted for 8.23m teu of the results, showing a growth rate of 34.7% with water-to-water transhipment accounting for 50% of traffic.  [07/01/09]