China Merchants reports 4.5% rise in 2008 profit

China Merchants Holdings, the Hong Kong-listed unit of the mainland state-owned port operator, reported Monday its 2008 net income was up 4.5%.
China Merchants , the largest container terminal operator in the Southern China port of Shenzhen, said its net income rose to $3.71 billion Hong Kong dollars ($478.7 million), or 1.47 Hong Kong dollars a share, compared to $3.55 billion Hong Kong dollars, or 1.36 a share in the prior year.
Expectations, on average, were for a net income of 3.73 billion Hong Kong dollars, according to poll by Thomson Reuters.
Revenue was up 24% to 4.14 billion Hong Kong dollars from 3.35 billion Hong Kong dollars.
The company recommended a final dividend of 0.40 Hong Kong dollar a share, down from 0.45 in 2007. End of Story