Disposal of CIMC Boosted CM Port’s First Half; Special Dividend a Positive Surprise
Excluding the HKD 813 million one-off gain from the CIMC disposal, China Merchants Port’s, or CMP’s, recurring net profit came in at HKD 2.3 billion, rising 37% year over year. The strong first-half earnings were in line with our expectations, boosted by decent throughput recovery for port operation, as well as cost efficiency amid operating leverage, with the operating margin expanding by 2.2% to 25.8% in port operation. We remain positive on the outlook for port operators, as market conditions...China Merchants Port Holding is an investment holding company. Co.'s business operations includes: ports operation, which is comprised of container terminal operation, bulk and general cargo terminal operation; bonded logistics and cold chain operations, which is comprised of logistic park operation, ports transportation, cold storage and logistics operation and airport cargo handling; port-related manufacturing operation, which is comprised of container manufacturing; and other operations, which is comprised of property development and investment and construction of modular housing.
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