SINOTRANS, the Hong Kong-listed Chinese logistics giant, posted interim results for the first half, showing a 31 per cent year-on-year increase in operating profit to CNY549.7 million (US$86 million) drawn on three per cent more sales to $3.2 billion.
"During the first half of 2011, the overall economy of China continued with its steady and favourable development as China's import and export saw further growth, despite signs of significant drop in the growth rate of foreign trade," said the statement accompanying the results.
"Between January and June, total import and export of China recorded a year-on-year increase of 25.8 per cent, with exports up by 24 per cent and imports up by 27.6 per cent," the statement said.
"The increase in revenue was mainly attributable to the slowdown of China's growth rate of foreign import and export trade, particularly foreign export trade, and the drop in freight rates of containers shipping as well," said the statement.
Revenue from the Sinotrans forwarding increased 0.3 per cent to CNY17.billion year on year. Sea freight forwarding volume increased 15.4 per cent to 3.8 million TEU in the first half of 2011. Air freight was up 14 per cent.
First half marine revenue increased 33.3 per cent to CNY1.8 billion. The number of containers shipped rose 16 per cent to 1.1 million TEU in the first half,up 16.9 per cent from 1.02 million TEU last year.
Source : HKSG.
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