Shanghai Port posts 23% increase in profits
31 March 2008
Shanghai International Port, which operates the world's second-busiest container harbor, reported that profits grew by 23% last year, Bloomberg reported. The firm's net income increased to US$519 million from US$424 million a year earlier. Sales increased by 27% to US$2.3 billion. Shanghai remains behind Singapore as the world's busiest container port. Container throughput in Shanghai increased to 26.2 million twenty foot-equivalent boxes last year, compared to Singapore's 27.9 million boxes. Throughput in Shanghai is expected to hit 30 million boxes this year, according to Shanghai International Port's president, Chen Xuyuan. The National Reform and Development Commission, China's top economic planning agency, said Chinese ports could face shrinking profit growth this year due to America's slowing economy. Shanghai International Port's stock is down 22% this year, compared to a 27% drop in the CSI 300 Index.