China Merchants Port Holdings Forecasts 50 Pct Profit Rise
- Business & Finance
Hong Kong-listed China Merchants Port Holdings expects to record an over 50 percent jump in profit for the six months ended 30 June 2017 when compared with the same period last year.
The increase in net results for the first half of the year has been ascribed primarily to the expected net gain of approximately HKD 775 million (USD 99.2 million) that will be recorded from the disposal of its entire interest in China International Marine Containers (CIMC).
As informed, CIMC is expecting to return to profit in the first half of the year, as compared with a loss of RMB 378 million in the same period last year.
Detailed financial information of the group for the six months ended 30 June 2017 will be published in August 2017, the company said.
CMPort is China’s largest port developer, with a comprehensive ports network along coastal China as well as South Asia, Africa, Europe, and Mediterranean. These locations include Shanghai, Shenzen, Hong Kong, Qingdao along with Colombo in Sri Lanka, and Djibouti, Africa.
For 2017, the company set out three strategic goals, those being consolidation and unification of the West Shenzhen Port Zone and stepping up of efforts in improving both the software and hardware of the homebase port; seeking to capture opportunities for expansion of the port network layout within China, and expansion of overseas ports network.