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Qinhuangdao Port warns of up to 75% drop in 2016 net profit

Author: Posttime:2016-12-20 08:36:00

Qinhuangdao Port has warned that it expected to see a 65% to 75% drop in net profits at its full-year results.

The coal and commodities-driven northern Chinese port said in a stock market announcement that net profit for 2016 is expected to come in at RMB336m ($48.3m) to RMB471m based on its preliminary assessment for the first eleven months of the year.
Qinhuangdao noted, however, that this was an improvement from the 85% plunge in net profit posted for the first six months of the year. It said that while the group has continued to strengthen its operations, it has also benefited from increased activity in the coal market since October 2016. This has led to increased coal throughput at the port compared to the first half of the year.
"However, uncertainty remains in the subsequent supply and demand situation and changes of the overall coal market," Qinhuangdao warned.
The group added that it has also implemented a series of internal administrative measures to enhance cost management and has managed to more effectively control costs in the second half of the year.
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