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Qinhuangdao Port sees better 2017 results

Author: Posttime:2018-01-30 09:49:45

Commodities-focussed northern China port group Qinhuangdao Port has given a positive profit alert for 2017, with full-year net profit expected to more than double to between RMB894m ($141.3m) to RMB1.00bn from RMB365m in the previous corresponding period as a better Chinese economy led to higher throughput.

Qinhuangdao Port attributed the good results to growth in principal operations. “In 2017, the company recorded a substantial increase in cargo throughput of coal and metal ore, which are its main cargoes. Such increase was mainly due to the facts that (i) the coal throughput benefited from the steady growth of the economy of the PRC as a whole, release of advanced production capacity of coal and policies relating to restrictions on the business of coal transfer/ collection by truck and imported coal; and (ii) the metal ore throughput benefited from an increase in metal ore demand of steelworks in the economic hinterland of the company and measures taken by the company to attract the customers and enhance operating efficiency,” it said in a stock market announcement.
The company also noted that the strong performance was off a smaller base in 2016.
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