Shanghai Intl Port FY 2010 net profit up by 44pct YoY

Shanghai International Port Group, the operator of the busiest container port in the world, posted a CNY 44.07 YoY increase in 2010 net profit to CNY 5.42 billion. EPS rose by 44.11% to CNY 0.26. Sales revenue was up 15.47% YoY to CNY 19.11 billion. The company plans to distribute cash dividends of CNY 1.08 (including tax) for every 10 shares held, Steelguru reports.


According to Shanghai International Port Group, it handled 29.07 million TEUs, an increase of 16.3% YoY. The Yangshan Port handled 10.11 million TEUs while the Waigaoqiao Port handled 15.05 million TEUs. Cargo throughput rose by 17.4% YoY to 428 million tonnes.


According to Essence Securities, a high end commercial property development at the North Bund area of Shanghai, in which the company has a 50% stake, is expected to be launched in 2011.


Upon the full completion of the project in 2013, the contribution of the development to Shanghai Port's net profit could total CNY 6.4 billion, raising EPS by CNY 0.3.


Excluding the gains from its commercial property business, the brokerage forecasts Shanghai Port to post diluted EPS of CNY 0.28 in 2011 and CNY 0.34 in 2012.
(Source:http://en.portnews.ru)