Qingdao Port International saw first half container throughput rise 3% to 9.1m while overall cargo throughput rose 2% 226.64m tons.
As a result, segment profit rose 20% to RMB386m ($58.7m), although this was mainly due to increase in share of profit from investments as the group raised its stake in Qingdao Qianwan Container Terminal, it said in a stock market announcement.
Working on its strategy of becoming a hub for Northeast Asia, Qingdao Port opened up 11 new container line routes in the period and saw transhipment volumes rise 21%.Group revenue rose 16% to RMB4.79bn in the first six months, mainly due to rises in turnover from the logistics and port value-added services, the metal ore, coal and other cargo handling and ancillary services, and the liquid bulk handling and ancillary services segments. As a result, net profit rose 32% to RMB1.65bn.
Dry bulk cargo throughput rose 2% to 93.69m tons and generated segment profit of RMB369m. In the liquid bulk sector, throughput rose 16% to 39.22m tons and generated operational gains of RMB287m. Revenue from this segment more than quadrupled to RMB231m as the group benefitted from increased storage revenue from the newly established crude oil tank storage in the Dongjiakou Port Area.
The group's logistics and ancillary services business also did well with revenue rising by a quarter to RMB2bn and segment profit rising 53% to RMB819m as the container freight station, agency and towing businesses did well.
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