Tuesday , 26 July 2016
Latest News

Shanghai reports net profit fall

Shanghai’s main terminal operator Shanghai International Port Group (SIPG) has announced its first profit fall in four years in its 2015 preliminary annual results.

The company reported on January 11, 2016 that it expected a net profit of 6.5bn yuan (US$0.99bn) in 2015, a 4% fall from 6.8bn yuan (US$1.03bn) in 2014 amid China’s economic slowdown.

According to Eikon, a data and financial analysis software provided by Thomson Reuters, the operator’s net profit drop represents its first profit fall in four years, the last being a 13% decrease in 2011.

In the filing on its preliminary annual results, SIPG reported a 4% year-on-year increase in its 2015 container throughput, which went up to around 36m teu last year.

On the same day, the operator revealed that its vice-chairman Su Xingang resigned and will no longer hold any position in the company.