Shanghai International Port 2010 net profit up 44% to CNY5.42 Bln

Shanghai International Port (Group) Co. said Wednesday that its 2010 net profit rose 44% from a year ago tracking an increase in demand for sea freight amid global economic recovery, The Wall Street Journal reports.


Net profit for the year ended Dec. 31 rose to CNY5.42 billion from CNY3.76 billion, China's largest port operator by throughput said in a statement.


Revenue rose 16% to CNY19.11 billion from CNY16.55 billion in 2009.


The port operator is optimistic about the outlook for this year as it expects the Chinese economy to expand and exports to grow.


The company said the ongoing consolidation in the sector following the global financial crisis offers opportunities for mergers and acquisitions.


It said it could internationalize operations on the back of its strong financial position, but didn't elaborate.
(Source:http://en.portnews.ru)