China Merchants Holdings posts interim results for the period ended 30 June 2015
The Board of Directors of China Merchants Holdings (International) Company Limited announced the interim results of the Company and its subsidiaries for the period ended 30 June 2015.
Profit attributable to equity holders of the Company amounted to HK$2,781 million for the six months ended 30 June 2015, an increase of 29.4% over the same period last year, while recurrent profit attributable to equity holders of the Company grew 17.1% year-on-year to HK$2,466 million. Basic earnings per share increased by 8.5% year-on-year to 90.54 HK cents, while profit derived from the Group's core ports operation increased by 10.4% year-on-year to HK$2,413 million.
For the period under review, revenue generated from the Group's core ports operation amounted to HK$10,746 million, up 4.7% year-on-year. Ports operation recorded an EBITDA of HK$5,420 million, and an EBIT of HK$3,931 million, representing a year-on-year increase of 3.8% and 2.1%, respectively.
Port-related manufacturing operations of the Group has demonstrated a stable performance overall. China International Marine Containers (Group) Co., Ltd. ("CIMC") sold a total of 0.82 million TEUs of dry cargo containers and reefers in the first half of 2015, or an increase of 18.2% comparing to that of the same period last year. Thanks to the profit growth of its other businesses, CIMC contributed to the Group an EBIT of HK$711 million, up 46.6% year-on-year.
To reward shareholders for their continuous support, the Board proposed an interim dividend of 22 HK cents per ordinary share (interim dividend for 2014: 22 HK cents), translating into a dividend payout ratio of 20.5%. Shareholders may elect to receive the interim dividend in cash or by way of scrip dividend.
Container throughput handled by the Group's ports during the first half of the year amounted to 41.35 million TEUs, up 5.3% year-on-year, amongst which, the Group's ports in Mainland China delivered container throughput of 30.36 million TEUs, or an increase of 5.0% year-on-year, enabling the Group to sustain its leading position amongst China port operators. The Group's operations in Hong Kong and Taiwan delivered an aggregate container throughput of 3.03 million TEUs, a decline of 18.7% over the same period last year. Container throughput handled by the Group's overseas projects grew by 20.4% year-on-year to 7.95 million TEUs, as rapid business growth was seen at Colombo International Container Terminals Limited ("CICT").
Bulk cargo volume handled by the Group's ports decreased by 3.9% year-on-year to 174 million tonnes, within which bulk cargo handled by the Group's ports in Mainland China was 172 million tonnes, a decrease of 4.2% year-on-year. On the overseas front, Port de Djibouti S.A. ("PDSA") delivered a bulk cargo volume of 2.41 million tonnes, or an increase of 31.8% as compared to the same period last year.
During the first half of the year, aggregate container throughput handled by the Group's overseas operations increased by 20.4% year-on-year to 7.95 million TEUs, amongst which throughput handled by CICT in Sri Lanka rose significantly by 1.4 times to 0.67 million TEUs. Container throughput handled by Tin-Can Island Container Terminal Limited in Nigeria was 0.22 million TEUs, an increase of 5.9% year-on-year. PDSA in Djibouti handled a total throughput of 0.44 million TEUs, up 1.7% year-on-year. Lom?Container Terminal S.A. in Togo, which commenced trial operation in the second half of 2014, contributed an incremental container throughput of 0.22 million TEUs during the period under review. Container throughput handled by Terminal Link SAS ("Terminal Link") reached 6.40 million TEUs, representing an increase of 12.6% year-on-year.