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2012 March 29   11:31

China Merchants Holdings 2011 profit down 5.2%

Chinese port operator China Merchants Holdings (International) Co. said Thursday its 2011 net profit fell 5.3% due to rising administrative expenses and finance costs, MarketWatch reports.

The blue chip company, a unit of state-owned China Merchants Group, said its net profit for the 12 months ended Dec. 31 was HK$5.57 billion, down from HK$5.88 billion a year earlier.

Revenue rose 63% to HK$9.47 billion from HK$5.81 billion.

The company recommended a final dividend of HK$0.68, down from HK$0.78 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.

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