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Slowing sales business trims earnings at Tianjin Port

Slowing sales business trims earnings at Tianjin Port
China’s Tianjin Port Development Holdings has reported decreased earnings for the financial year ended 31 December 2015 due to its slowing sales business.

Net profit for last year came up to HKD639.39m ($82.45m), a drop of 21.9% from the profit of HKD819.13m in 2014.

The annual revenue fell by 38.8% year-on-year to HKD20.54bn due primarily to a 60.9% fall in revenue from its sales business, which is mainly engaged in the supply of fuel to inbound vessels, sales of suppliers and other materials.

The container handling business for the group, which operates all container terminal at Tianjin port, remained steady in 2015. Tianjin Port achieved total container throughput of 14.09m teu in 2015, representing a 0.2% year-on-year increase.

The company pointed out that its loss due to the deadly explosion at Tianjin port in August 2015 was negligible, and it took initiatives and implemented a series of measures to ensure its port production and operation continued as per normal and safely.

Looking ahead to 2016, Tianjin Port noted that its businesses are subject to risks and uncertainties as China goes through a structural transformation of the economy.

“In the ‘New Normal’ of the Chinese economy, downside risks to Chinese growth have risen, and international trade environment remains difficult, placing pressures on port industry,” Tianjin Port said.