Tianjin port development full year results dip

Tianjin-Port

Tianjin Port Development Holdings Limited saw its full year results declined compared to the previous year while container handling volumes rose.

Net profit for 2016 was recorded at HKD1.79bn ($230.47m), decreasing by 3.8% from HKD1.86bn in 2015, Hong Kong-listed Tianjin Port announced.

Full year revenue dropped by 19.9% year-on-year to HKD16.46bn due mainly to lower contributions from sales business and the depreciation of the Chinese currency.

Tianjin Port, however, registered a 2.9% year-on-year rise in container throughput volumes to 14.49m teu in 2016.

“In 2016, container handling business remained steady, additional domestic and international routes were established, and Bohai Rim feeder transhipment volume expanded,” Tianjin Port said.

Looking ahead to 2017, Tianjin Port said the global economy is expected to maintain moderate growth, the prospect of US economy is expected to be more positive, the European economic recovery is expected to firm further, and the Chinese economy will continue to see stable growth.

In order to drive the container business forward, Tianjin Port said it will deepen cooperation with shipping companies so as to further enhance the competitiveness of Bohai Rim feeder.

“The group will accelerate the consolidation of container business resources and optimise the depots layout, to develop an integrated operation model,” it said.