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Tianjin Port books 11% rise in first half profit

Tianjin Port books 11% rise in first half profit
China’s Tianjin Port has posted an increase in net profit for the six months ended 30 June 2015 while revenue has dropped.

The Shanghai-listed company registered a first half profit of RMB665.62m ($103.87m), up 10.67% from the gain of RMB601.42m in the same period of last year.

Revenue during the period, however, declined by 19.5% year-on-year to RMB8.57bn due mainly to reduced trade volumes by its subsidiaries and lower oil prices.

From January to June this year, the port handled 3.57m teu of containers, an increase of 4.4% over the year-ago period. The port’s bulk cargo volumes also rose by 12.9% year-on-year to 147.54m tonnes.

Tianjin port area had suffered a deadly and massive explosion on 12 August after a warehouse storing hazardous chemical goods caught fire, leaving close to 130 people dead at last count, and scores injured.

The aftermath of the blast has sparked fears of toxic pollutants contaminating the city’s air and water.