Tianjin Port Development Holdings Limited today announced its unaudited interim results for the six months ended 30 June 2011, 4-traders reports.
For the six months ended 30 June 2011, the Group recorded consolidated revenue of HK$7.5 billion, an increase of 6.2% over the same period last year. Profit attributable to shareholders rose year-on-year by 36.8% to HK$370 million. Basic earnings per share amounted to HK6.0 cents. The Board of Directors recommended the payment of an interim dividend of HK2.40 cents per share for the first half of 2011.Mr Yu Rumin, Chairman of Tianjin Port Development, said, “In the first half of 2011, with the recovery of world economy slowing down, further tightening of the macro-control measures in the mainland and increasing inflationary pressure, Tianjin Port Development still managed to leverage on its own advantages and took effective measures to maintain a sustained and stable growth of its operation amidst such complex economic environment.”
Non-containerised Cargo Handling Business
The Group achieved a total throughput of non-containerised cargo of 114.92 million tonnes, an increase of 3.0% over the same period last year. In terms of total throughput, the major types of cargoes including coal and automobiles achieved steady growth; coal reached 43.81 million tonnes, an increase of 27.3% over the same period last year; and automobiles reached 10.62 million tonnes, a rise of 3.4% over the same period last year. As for metal ore, due to the high price in the international spot market and the change in logistics in the hinterland areas, the handling volume dropped year-on-year by 7.5% to 37.31 million tonnes. The Group’s consolidated revenue from non-containerised cargo handling business amounted to HK$2.1 billion, representing an increase of
9.4% from the corresponding period last year. The blended average unit price rose year-on-year by
4.7 % to HK$20.2 per tonne.
Container Handling Business
The Group recorded total container throughput of 5.56 million TEUs, a rise of 18.1% over the same period last year. On a consolidated basis, the Group’s revenue of the container handling business rose year-on-year by 22.2% to HK$850 million, while the blended average unit price rose year-on-year by 15.2% to HK$294.1 per TEU.
Sales Business
The Group’s sales business mainly engaged in the supply of fuel to inbound vessels and the sales of materials. During the period under review, the Group achieved sales revenues of HK$3.5 billion, basically on a par with the corresponding period last year.
Other Port Ancillary Services Business
Other port ancillary services of the Group mainly include tugboat services, agency services and other services. The Group’s throughput achieved persistent growth. The revenue of the other port ancillary services segment of the Group rose year-on-year by 19.2% to HK$1.0 billion. During the period under review, the tugboat grew by 1.1% to 24,686 vessel calls; shipping agency expanded by 3.7 % to 8,708 vessel calls; and cargo agency climbed by 8.9 % to 42.31 million tonnes.
On 22 March 2011, the Group resolved to acquire a 50% equity interest in Tianjin Port Shihua Crude
Oil Terminal Co., Ltd. “(Tianjin Port Shihua”) from Tianjin Port (Group) Co., Ltd. (“Tianjin Port Group”) at a consideration of approximately RMB329.6 million. Tianjin Port Shihua is principally engaged in port operation, cargo handling, transshipment and tallying at a crude oil terminal with 300,000-tonne capacity at the port of Tianjin. The Group believes the acquisition could enhance the scale of crude oil handling business of the Group, resolve the competition between the Group and Tianjin Port Group in the same industry and improve the overall profitability of the Group significantly. The acquisition was completed in July 2011.
Mr Yu concluded, “The port of Tianjin is the gateway to the hinterland of North and Northwest China. The rapid development of Tianjin Binhai New Area facilitates the overall integration and connectivity in the region. Currently, the port of Tianjin has initially formed a logistics network that spreads across 11 provinces and cities in the Three-North region. Looking ahead, benefitting from the “Twelfth Five-Year” Plan, the port of Tianjin is actively promoting the development of Dongjiang Bonded Free Port to free trade port area, while striving to become the core strategic enterprise in the Tianjin City. The Group will actively participate in the construction of key functional area of the international shipping hub in North China. The Group is also progressively realigning its business structure, improving its port functions, and taking an active part in the future development of the port of Tianjin as a whole, with an aim to bring even better returns for the shareholders.”
For the six months ended 30 June 2011, the Group recorded consolidated revenue of HK$7.5 billion, an increase of 6.2% over the same period last year. Profit attributable to shareholders rose year-on-year by 36.8% to HK$370 million. Basic earnings per share amounted to HK6.0 cents. The Board of Directors recommended the payment of an interim dividend of HK2.40 cents per share for the first half of 2011.Mr Yu Rumin, Chairman of Tianjin Port Development, said, “In the first half of 2011, with the recovery of world economy slowing down, further tightening of the macro-control measures in the mainland and increasing inflationary pressure, Tianjin Port Development still managed to leverage on its own advantages and took effective measures to maintain a sustained and stable growth of its operation amidst such complex economic environment.”
Non-containerised Cargo Handling Business
The Group achieved a total throughput of non-containerised cargo of 114.92 million tonnes, an increase of 3.0% over the same period last year. In terms of total throughput, the major types of cargoes including coal and automobiles achieved steady growth; coal reached 43.81 million tonnes, an increase of 27.3% over the same period last year; and automobiles reached 10.62 million tonnes, a rise of 3.4% over the same period last year. As for metal ore, due to the high price in the international spot market and the change in logistics in the hinterland areas, the handling volume dropped year-on-year by 7.5% to 37.31 million tonnes. The Group’s consolidated revenue from non-containerised cargo handling business amounted to HK$2.1 billion, representing an increase of
9.4% from the corresponding period last year. The blended average unit price rose year-on-year by
4.7 % to HK$20.2 per tonne.
Container Handling Business
The Group recorded total container throughput of 5.56 million TEUs, a rise of 18.1% over the same period last year. On a consolidated basis, the Group’s revenue of the container handling business rose year-on-year by 22.2% to HK$850 million, while the blended average unit price rose year-on-year by 15.2% to HK$294.1 per TEU.
Sales Business
The Group’s sales business mainly engaged in the supply of fuel to inbound vessels and the sales of materials. During the period under review, the Group achieved sales revenues of HK$3.5 billion, basically on a par with the corresponding period last year.
Other Port Ancillary Services Business
Other port ancillary services of the Group mainly include tugboat services, agency services and other services. The Group’s throughput achieved persistent growth. The revenue of the other port ancillary services segment of the Group rose year-on-year by 19.2% to HK$1.0 billion. During the period under review, the tugboat grew by 1.1% to 24,686 vessel calls; shipping agency expanded by 3.7 % to 8,708 vessel calls; and cargo agency climbed by 8.9 % to 42.31 million tonnes.
On 22 March 2011, the Group resolved to acquire a 50% equity interest in Tianjin Port Shihua Crude
Oil Terminal Co., Ltd. “(Tianjin Port Shihua”) from Tianjin Port (Group) Co., Ltd. (“Tianjin Port Group”) at a consideration of approximately RMB329.6 million. Tianjin Port Shihua is principally engaged in port operation, cargo handling, transshipment and tallying at a crude oil terminal with 300,000-tonne capacity at the port of Tianjin. The Group believes the acquisition could enhance the scale of crude oil handling business of the Group, resolve the competition between the Group and Tianjin Port Group in the same industry and improve the overall profitability of the Group significantly. The acquisition was completed in July 2011.
Mr Yu concluded, “The port of Tianjin is the gateway to the hinterland of North and Northwest China. The rapid development of Tianjin Binhai New Area facilitates the overall integration and connectivity in the region. Currently, the port of Tianjin has initially formed a logistics network that spreads across 11 provinces and cities in the Three-North region. Looking ahead, benefitting from the “Twelfth Five-Year” Plan, the port of Tianjin is actively promoting the development of Dongjiang Bonded Free Port to free trade port area, while striving to become the core strategic enterprise in the Tianjin City. The Group will actively participate in the construction of key functional area of the international shipping hub in North China. The Group is also progressively realigning its business structure, improving its port functions, and taking an active part in the future development of the port of Tianjin as a whole, with an aim to bring even better returns for the shareholders.”