Qinhuangdao Port sees annual net profit down 65-75%

Qinhuangdao

Qinhuangdao Port expects the net profit attributable to the owners of the parent for the year ended 31 December 2016 will be about Rmb336 million to Rmb471 million, representing a decrease of 65% to 75% as compared with the corresponding period of 2015.

It is expected that the year-on-year decrease of the annual net profit in 2016 will be less than the year-on-year decrease of the interim net profit.

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.

An annual results announcement is expected to be published before the end of March in 2017.

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