Shanghai Port Q1 Profit up 39.5%

19 April 2010 (Last Updated April 19th, 2010 18:30)

Shanghai International Port has reported a 39.5% rise in Q1 net profits due to an increase in global marine trade. The Chinese port operator said the results marked Shanghai Port's second straight quarter of profit growth after a series of losses in 2009. During Q1 the port's

Shanghai International Port has reported a 39.5% rise in Q1 net profits due to an increase in global marine trade.

The Chinese port operator said the results marked Shanghai Port’s second straight quarter of profit growth after a series of losses in 2009.

During Q1 the port’s net profit was CNY1.02bn ($149m), up from CNY733.9m ($4.9m) a year earlier.

The port’s turnover rose 18.2% to CNY4.35bn ($637m), according to Reuters.

During the period, Shanghai Port’s container throughput was up 15.5%, while total cargo handled went up 35.1%.

Shanghai Port’s Q1 profit growth was however slower than the 48% the port achieved in Q4 2009.