Shanghai-listed Tianjin port posted profit of CNY665.6 million (USD104.75 million) for the January-June 2015 period, an increase of 10.67% year on a year (y/y).
The company’s revenue for the same period declined 19.5% y/y to CNY8.6 billion, while its earnings per share increased 11% y/y to CNY0.40.
In its filing to Shanghai Stock Exchange, the port ascribed the decrease in revenue to plummeting oil prices and reduced trade volume by its subsidiaries and attributed its profit growth to the increase in port throughput and branch equity transfer.
Tianjin port handled 179.5 million tonnes in the first half of 2015, up 5.9% on a year ago. Its bulk cargo throughput climbed 12.9% y/y to 147.5 million tonnes, while port container volume stood at 3.6 million teu, up 4.4% on a year ago.
On 12 August, a warehouse storing hazardous chemical cargoes caught fire and set off huge blasts at the port of Tianjin, leaving 114 people dead and hundreds more injured. After the accident, the port of Tianjin suspended accepting dangerous cargoes.