China Merchants Port 2016 profit up 14.3 percent

Updated 2017-03-29 20:31:16 Xinhua

China Merchants Port Holding Company Ltd. (CMPort) recorded a net profit of 5.5 billion Hong Kong dollars (708 million U.S. dollars) in 2016, up 14.3 percent from a year ago, the company said here Wednesday.

Revenue lost 3.1 percent year-on-year to about 8 billion Hong Kong dollars, according to the 2016 annual report released by the company. A final dividend of 65 cents is proposed.

Against the backdrop of a feeble economic recovery and the restorative growth of the world trade, the company will speed up the pace of mergers and acquisitions of port business and enhance cooperation with more shipping firms, Chairman of CMPort Li Xiaopeng told a press meeting.

Li expects the container throughput handled will exceed 100 million TEUs in 2017.

Founded in 1992, CMPort is the flagship subsidiary of China Merchants Group, and was listed in Hong Kong in 1992 as the first mainland red chip enterprise to be listed here.

Shares of CMPort rose 0.7 percent to end at 22.3 Hong Kong dollars. (1 Hong Kong dollar = 0.13 U.S. dollar)

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