China Merchants Holdings (International) Co. said its net profit rose 82% last year due to an increase in container handling volume as international trade recovered from the global financial crisis, The Wall Street Journal reports.
Fu Yuning, the Chinese port operator's chairman, said in a statement that China's economic growth will likely slow this year amid pressure from rising inflation, while the global economy remains volatile and uncertainties are likely to continue. However, he said he believes the world economy will continue to expand in the long run.
He added the company will seek to integrate its ports in Shenzhen this year to increase efficiency and competitiveness. He didn't elaborate.
The blue-chip company, a unit of state-owned China Merchants Group, said its net profit for the 12 months ended Dec. 31 was 5.88 billion Hong Kong dollars (US$759 million), up from HK$3.24 billion a year earlier. Its net profit was boosted by one-off gains totalling HK$1.98 billion, largely from revaluation of properties and investments.
Revenue rose 62% to HK$5.81 billion from HK$3.59 billion. The company recommended a final dividend of HK$0.78, up from HK$0.32 a year earlier.
China Merchants is the largest container terminal operator by volume in Shenzhen, mainland China's second-biggest port by volume after Shanghai. It controls nearly all the terminals in the western part of Shenzhen's port, including the Shekou, Chiwan and Mawan container terminals.
It also has stakes in ports in Shanghai, Hong Kong, Tianjin, Qingdao, Ningbo, and Zhangzhou.
China Merchants' overall port-handling throughput rose 19% last year to 52.28 million twenty-foot equivalent units, or TEUs. Its China port-handling throughput rose 21% to 46.06 million TEUs and accounted for 88% of its total throughput in 2010. The company didn't provide year-earlier figures for comparison.
Throughput for the company's bulk cargo handling operations rose 21% to 281 million metric tonnes due to China's increasing demand for bulk cargo imports.
Fu Yuning, the Chinese port operator's chairman, said in a statement that China's economic growth will likely slow this year amid pressure from rising inflation, while the global economy remains volatile and uncertainties are likely to continue. However, he said he believes the world economy will continue to expand in the long run.
He added the company will seek to integrate its ports in Shenzhen this year to increase efficiency and competitiveness. He didn't elaborate.
The blue-chip company, a unit of state-owned China Merchants Group, said its net profit for the 12 months ended Dec. 31 was 5.88 billion Hong Kong dollars (US$759 million), up from HK$3.24 billion a year earlier. Its net profit was boosted by one-off gains totalling HK$1.98 billion, largely from revaluation of properties and investments.
Revenue rose 62% to HK$5.81 billion from HK$3.59 billion. The company recommended a final dividend of HK$0.78, up from HK$0.32 a year earlier.
China Merchants is the largest container terminal operator by volume in Shenzhen, mainland China's second-biggest port by volume after Shanghai. It controls nearly all the terminals in the western part of Shenzhen's port, including the Shekou, Chiwan and Mawan container terminals.
It also has stakes in ports in Shanghai, Hong Kong, Tianjin, Qingdao, Ningbo, and Zhangzhou.
China Merchants' overall port-handling throughput rose 19% last year to 52.28 million twenty-foot equivalent units, or TEUs. Its China port-handling throughput rose 21% to 46.06 million TEUs and accounted for 88% of its total throughput in 2010. The company didn't provide year-earlier figures for comparison.
Throughput for the company's bulk cargo handling operations rose 21% to 281 million metric tonnes due to China's increasing demand for bulk cargo imports.