SIPG’s Strong 2017 Boosted by One-Offs; Tariff Cuts Continue to Pressure Port Segment Margins
Shanghai International Port Group’s, or SIPG's, strong 66% growth in 2017 net profit was mostly boosted by one-off revaluation gains from its investments in property and financial assets, while recurring earnings remain lackluster, with core profit rising 4% to CNY 6.4 billion. However, this reflects a 12% sequential decline in the second half, despite seasonally stronger container throughput, suggesting the handling tariffs were still under pressure. We think the National Development and Reform...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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