SIPG’s 3Q Boosted by Noncore Investments; Port Earnings Remain Weak on Tariff Cut
Shanghai International Port Group’s, or SIPG’s, strong 24% growth in third-quarter net profit to CNY 1.6 billion was mostly boosted by noncore investment. The result, however, implies a 10% fall in its core port earnings in the third quarter, despite a decent 5.5% year-over-year growth in container throughput and marginal 1% improvement in dry-bulk volume. This is in line with our expectations, suggesting a 4.5% fall in average handling tariff following the NDRC’s decision to cut port handling t...Shanghai International Port (Group) Co., Ltd. is a China-based company principally engaged in port related businesses. The Company's main businesses include container business, bulk cargo business, port-related logistics and port services. The Company operates its businesses primarily in domestic market.
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