The Shanghai International Port Group reported a 30 percent drop in its first-half profit due to a slower turnover of cargo as an economic crisis hurts exports, the Shanghai Daily reported.
The company reaped a US$252 million profit in the six months ended June 30, according to a filing to the Shanghai Stock Exchange on Sunday.
Revenue came in at $1.2 billion during the period, a 13.6 percent drop from the same period last year.
The group handled 11.67 million TEUs in the first half, a decline of 15.5 percent from a year ago. The cargo throughput stood at 169.5 million tonnes, a 10.8 percent drop year-on-year.
There were signs of improved business in the second quarter when container throughput rose 7.9 percent quarter-on-quarter while cargo throughput gained 24.32 percent.
The company reaped a US$252 million profit in the six months ended June 30, according to a filing to the Shanghai Stock Exchange on Sunday.
Revenue came in at $1.2 billion during the period, a 13.6 percent drop from the same period last year.
The group handled 11.67 million TEUs in the first half, a decline of 15.5 percent from a year ago. The cargo throughput stood at 169.5 million tonnes, a 10.8 percent drop year-on-year.
There were signs of improved business in the second quarter when container throughput rose 7.9 percent quarter-on-quarter while cargo throughput gained 24.32 percent.