Shanghai Port’s Profit Drops in Q3
- Business & Finance
Shanghai International Port Group Co Ltd, the operator of the world’s busiest container shipping port, the Port of Shanghai, posted a net profit for the third quarter of 2015 worth CNY 4.5 billion (USD 712 million), down 3.31 pct when compared to the last year’s results.
This is the first time for the company to report a quarterly net profit fall since Q2, 2014, Reuters reports.
Net cash flow from operating activities for the period amounted to CNY 6.9bn, a 5.8 drop from last year’s CNY 7.3 bn. The company’s operating income was CNY 22.3 bn, 4.23 percent up from last year, Shanghai International disclosed in a Shanghai stock exchange filing.
The drop comes amid an overall slowdown in the Chinese economic development.
However, the port of Shanghai container throughput reached 35.29 million TEUs, a 4.5 percent rise when compared to last year’s figures pushing the port ahead of Singapore and Busan ports.
The figure builds on the 35.2 million milestone from last year when Shanghai’s volumes surpassed those of its nearest box counterpart Singapore that reached 33.9 million throughput.
The prestigious title of the world’s busiest port was claimed by Shanghai in 2010 and has been held ever since.
World Maritime News Staff