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Shanghai Int'l Port's Q1 net profit down 27.4%

May. 2, 2012 (China Knowledge) - Shanghai International Port Group Co<600018>, China's largest port operator, has announced that its net profit fell 27.4% year on year to RMB 922.6 million in the first quarter of this year, due to higher operating costs.

The company's revenue rose 16.7% year on year to RMB 5.98 billion in the first three months.

In the first quarter, the company's container throughput climbed 3.5% year on year to 7.54 million twenty-foot equivalent units (TEU), slowing from a 12.3% growth in the same period of 2011.
Shanghai International Port earlier reported a net profit of RMB 4.72 billion for 2011, 12.79% less than in the previous year.

The company realized RMB 21.78 billion in operating revenue last year, reflecting a growth of 13.99% year on year.

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