PORT operator China Merchants Holdings (International) Co has registered a first half net profit of HK$2.02 billion (US$259 million), up 32.8 per cent from HK$3.37 billion for the year earlier period, according to a company statement to the Hong Kong stock exchange.
The solid result came on the back of strong demand for container shipping services and expanded Asia-Europe services, reports MarketWatch.
The company, a unit of state-owned China Merchants Group, said its revenue grew by 17.5 per cent to HK$3.37 billion, up from HK$2.86 billion for the comparable period last year.
"With ASEAN and EU countries having become the major driving forces to sustain China's fast growing international trade, the container throughput for the group's ports in various regions has benefited from its focused market development efforts towards expanding Europe-Asia routes," China Merchants said in the statement.
China Merchants' port division handled 25.14 million TEU during the first half of the year, an increase of 13 per cent year on year. Container traffic through its Hong Kong ports rose 4 per cent, while its Chinese ports saw growth of 15 per cent.
A Bloomberg report said the company expects trade to withstand any slowdown in the US because of demand in Europe and Southeast Asia, according to the statement.
It said that the company's container traffic at the Western Shenzhen Port Zone rose 18 per cent to 5.86 million boxes. Shanghai International Port (Group) Co saw its container volume surge by 27 per cent and profit was up 35 per cent. China Merchants owns 27 per cent of the company.
China Merchants' overall cargo volume to Europe grew by 31 per cent in the first half, compared with a 2 per cent increase in US shipments.
The solid result came on the back of strong demand for container shipping services and expanded Asia-Europe services, reports MarketWatch.
The company, a unit of state-owned China Merchants Group, said its revenue grew by 17.5 per cent to HK$3.37 billion, up from HK$2.86 billion for the comparable period last year.
"With ASEAN and EU countries having become the major driving forces to sustain China's fast growing international trade, the container throughput for the group's ports in various regions has benefited from its focused market development efforts towards expanding Europe-Asia routes," China Merchants said in the statement.
China Merchants' port division handled 25.14 million TEU during the first half of the year, an increase of 13 per cent year on year. Container traffic through its Hong Kong ports rose 4 per cent, while its Chinese ports saw growth of 15 per cent.
A Bloomberg report said the company expects trade to withstand any slowdown in the US because of demand in Europe and Southeast Asia, according to the statement.
It said that the company's container traffic at the Western Shenzhen Port Zone rose 18 per cent to 5.86 million boxes. Shanghai International Port (Group) Co saw its container volume surge by 27 per cent and profit was up 35 per cent. China Merchants owns 27 per cent of the company.
China Merchants' overall cargo volume to Europe grew by 31 per cent in the first half, compared with a 2 per cent increase in US shipments.