Shanghai Port registers first quarterly profit fall in over a year
Time：2015-11-02
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Its the first fall in quarterly net profit in over a year, providing evidence of China`s economic slowdown, the port said in a filing to the Shanghai Stock Exchange, according to Reuters.
China, the world`s second largest economy, grew 6.9 per cent in the third quarter, dipping below 7 per cent for the first time since the global financial crisis due to cooling trade and investments.
The third quarter net profit fall marked the first decline since the second quarter of 2014, Eikon data based on company data showed.
In the first nine months, Shanghai Port`s net profit dropped 3.3 per cent to CNY4.5 billion.
The port`s container throughput rose 4.5 per cent to 35.29 million TEU in 2014, putting it ahead of global rivals such as Singapore and South Korea`s Busan, as well as Shenzhen and Tianjin in China.
Smaller listed rivals across China saw similar trends in their financial results this week.
Tianjin Port Holdings Co Ltd was one of the few that bucked the trend by reporting a rise in third-quarter net profit, though this was a modest 6 per cent.