Dalian Port , operator of China's largest crude-oil terminal, has posted a full-year profit drop of 3.3 per cent on lower interest income.
Net income fell to 611 million yuan (S$118 million), or 0.21 yuan a share, from 632 million yuan, or 0.24 yuan, a year ago, the company said in a statement last Friday.
Profit for 2006 was boosted by interest from its share sale proceeds. Gross profit rose 19 per cent on higher oil-storage and container-berth rent, it said.
Crude-oil volume rose 9.5 per cent last year as the world's fastest-growing major economy imported more of the raw material on rising demand for power and petrol. Container traffic jumped 18 per cent on China's surging exports of toys, furniture and other goods.
'Growth in 2008 will still be driven by oil storage because of China's long-term demand for crude oil,' Edward Wong, an analyst at Quam, said in Hong Kong.
The company may be able to raise container-handling prices, 'but it's difficult to say, as the government wants to curb inflation'.
Shares in the port operator fell 1.4 per cent to HK$4.30 in Hong Kong trading, before the earnings announcement.
The stock is down 28 per cent this year, compared with the benchmark Hang Seng Index's 13 per cent decline.
The earnings is in line with the 627 million yuan median estimate of three analysts surveyed by Bloomberg News.
Sales rose 35 per cent to 1.57 billion yuan, the statement said.
Net income fell to 611 million yuan (S$118 million), or 0.21 yuan a share, from 632 million yuan, or 0.24 yuan, a year ago, the company said in a statement last Friday.
Profit for 2006 was boosted by interest from its share sale proceeds. Gross profit rose 19 per cent on higher oil-storage and container-berth rent, it said.
Crude-oil volume rose 9.5 per cent last year as the world's fastest-growing major economy imported more of the raw material on rising demand for power and petrol. Container traffic jumped 18 per cent on China's surging exports of toys, furniture and other goods.
'Growth in 2008 will still be driven by oil storage because of China's long-term demand for crude oil,' Edward Wong, an analyst at Quam, said in Hong Kong.
The company may be able to raise container-handling prices, 'but it's difficult to say, as the government wants to curb inflation'.
Shares in the port operator fell 1.4 per cent to HK$4.30 in Hong Kong trading, before the earnings announcement.
The stock is down 28 per cent this year, compared with the benchmark Hang Seng Index's 13 per cent decline.
The earnings is in line with the 627 million yuan median estimate of three analysts surveyed by Bloomberg News.
Sales rose 35 per cent to 1.57 billion yuan, the statement said.