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Qinhuangdao Port nine-month profit spikes as economy recoversQinhuangdao Port nine-month profit spikes as economy recovers

The recovering economy also revenue rises and a huge spike in net profit for northern China commodities-focussed port group Qinhuangdao Port in the first nine moths, with profit rising more than fivefold to RMB857.3m ($129m) from RMB155.6m previously on  a 54% rise in revenue to RMB5.23bn.

Vincent Wee, Hong Kong and South East Asia Correspondent

October 30, 2017

1 Min Read
Kalyakan - stock.adobe.com

The good results were  "all  mainly  due  to  the  increase  in  revenue  as  a  result  of the  combined  effect  of  the  stabilizing  and  recovering  macro  economy,  the  increase  in transport  volume  of  Datong-Qinhuangdao  Railway,  the  rationalized  competition  from surrounding ports and the resumed coal operating rate", Qinhuangdao Port said in a stock market announcement.

The group typically does not disclose throughput data in its quarterly updates but forecasted a higher full-year profit for 2017.

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About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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