Qinhuangdao Port expects sharp drop in H1 profit

Qinhuangdao Port

Qinhuangdao Port has warned of an 80 – 90% drop in first half profits.

In the first half of 2015 the Chinese port group reported a net profit of RMB929m.

“Such decrease was mainly attributable to the decrease in revenue of the group resulting from the decline in throughput of coals of Qinhuangdao Port, which was caused by the weakened supply and demand in the coal market, the increase in the number of southbound transportation channels for coals from northern region and the intensified competition from surrounding ports in the first half of 2016,” the company said.

Overall throughput at the group’s ports was down 18% in the first six months of 2016.

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