Dalian Port (PDA) Co., operator of China's biggest crude-oil terminal, boosted first-half profit 70 percent after selling two container berths to an affiliate and handling more cargo.
Net income increased to 534.2 million yuan ($78 million), or 0.18 yuan a share, from 314.9 million yuan, or 0.11 yuan, a year earlier, the company said in a statement today. Sales jumped 7.3 percent to 745.9 million yuan.
The company agreed to sell the container berths and other assets for 1.3 billion yuan last year to help fund new projects, including a venture with PetroChina Co. Dalian Port boosted its first-half imported crude-oil volume 14 percent, while container traffic jumped 35 percent, as the company benefited from trade with growing overseas markets and a government drive to boost northeastern China's economy.
Dalian is less affected by the slowdown in U.S. than Shanghai as it's exporting goods to Japan, the Middle East and Southeast Asian countries,'' said KGI Securities International Ltd. analyst Vincent Lee. Oil demand in China always outstrips supply as well.'' He rates Dalian Port outperform.''
Gross profit, or revenue minus the cost of sales and services, rose 13 percent to 393.9 million yuan.
Cargo Volumes
Dalian Port handled 11.2 million tons of crude in the first half, including 9.2 million tons of imports. The rest was transshipment cargos. Its total oil and liquefied chemicals throughput fell 1.2 percent to 17.2 million tons.
The company has agreed to build a 300,000 ton crude-oil terminal in Dalian with PetroChina, the nation's biggest oil and natural gas producer. The equally owned venture will have a registered capital of 250 million yuan, Dalian Port said in a separate statement today.
China's total crude-oil import rose 11 percent to 90.5 million tons in the first half, according to government data.
Dalian Port's overall container volume, including ventures in the Chinese ports of Jinzhou and Qinhuangdao, rose to 2.64 million boxes. Traffic at the port of Dalian rose 18 percent to 2.1 million. Shanghai, the mainland's busiest harbor, boosted traffic 10 percent to 13.8 million, according to the Shanghai Municipal Statistics Bureau.
Dalian Port fell 1.5 percent to HK$3.86 in Hong Kong trading yesterday. The shares didn't trade today because the city's stock market was closed following a typhoon alert. The stock is down 35 percent this year, compared with a 27 percent decline for the benchmark Hang Seng Index.
Net income increased to 534.2 million yuan ($78 million), or 0.18 yuan a share, from 314.9 million yuan, or 0.11 yuan, a year earlier, the company said in a statement today. Sales jumped 7.3 percent to 745.9 million yuan.
The company agreed to sell the container berths and other assets for 1.3 billion yuan last year to help fund new projects, including a venture with PetroChina Co. Dalian Port boosted its first-half imported crude-oil volume 14 percent, while container traffic jumped 35 percent, as the company benefited from trade with growing overseas markets and a government drive to boost northeastern China's economy.
Dalian is less affected by the slowdown in U.S. than Shanghai as it's exporting goods to Japan, the Middle East and Southeast Asian countries,'' said KGI Securities International Ltd. analyst Vincent Lee. Oil demand in China always outstrips supply as well.'' He rates Dalian Port outperform.''
Gross profit, or revenue minus the cost of sales and services, rose 13 percent to 393.9 million yuan.
Cargo Volumes
Dalian Port handled 11.2 million tons of crude in the first half, including 9.2 million tons of imports. The rest was transshipment cargos. Its total oil and liquefied chemicals throughput fell 1.2 percent to 17.2 million tons.
The company has agreed to build a 300,000 ton crude-oil terminal in Dalian with PetroChina, the nation's biggest oil and natural gas producer. The equally owned venture will have a registered capital of 250 million yuan, Dalian Port said in a separate statement today.
China's total crude-oil import rose 11 percent to 90.5 million tons in the first half, according to government data.
Dalian Port's overall container volume, including ventures in the Chinese ports of Jinzhou and Qinhuangdao, rose to 2.64 million boxes. Traffic at the port of Dalian rose 18 percent to 2.1 million. Shanghai, the mainland's busiest harbor, boosted traffic 10 percent to 13.8 million, according to the Shanghai Municipal Statistics Bureau.
Dalian Port fell 1.5 percent to HK$3.86 in Hong Kong trading yesterday. The shares didn't trade today because the city's stock market was closed following a typhoon alert. The stock is down 35 percent this year, compared with a 27 percent decline for the benchmark Hang Seng Index.