Shanghai International Port Group Co Ltd, the operator of the worldâ€™s busiest container port, reported its first fall in quarterly net profit in over a year, providing evidence of Chinaâ€™s economic slowdown.
China, the worldâ€™s second largest economy, grew 6.9 percent in the third quarter, dipping below 7 percent for the first time since the global financial crisis due to cooling trade and investments.
Shanghai Port recorded a third quarter net profit of 1.4 billion yuan ($220.29 million), down 18.3 percent from the same period a year earlier, it said in a filing on the Shanghai stock exchange. That marked the first decline since the second quarter of 2014, Eikon data based on company data showed.
In the first nine months, Shanghai Portâ€™s net profit dropped 3.3 percent to 4.5 billion yuan.
The portâ€™s container throughput rose 4.5 percent to 35.29 million TEUs (twenty-foot-equivalent units) in 2014, putting it ahead of global rivals such as Singapore and South Koreaâ€™s Busan, as well as Shenzhen and Tianjin in China.
Smaller listed rivals across China saw similar trends in their financial results this week.
Ningbo Port Co Ltd, Beibuwan Port Co Ltd and Dalian Port PDA Co Ltd reported falls in net profit for the July-September period.
Tianjin Port Holdings Co Ltd was one of the few that bucked the trend by reporting a rise in third-quarter net profit, though this was a modest 6 percent.
Shanghai Portâ€™s announcement came after China markets closed on Thursday.
The portâ€™s Shanghai-listed shares ended 0.3 percent higher, slightly lagging the main Shanghai composite indexâ€™s 0.4 percent rise.