Shanghai Port logs first quarterly profit fall

Shanghai Port logs first quarterly profit fall

The evidence of China’s economic slowdown has become evident as Shanghai Port, the world’s busiest container port, has reported it’s first fall in quarterly net profit in over a year.

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 Port’s net profit dropped 3.3 percent to 4.5 billion yuan.

The port’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 Korea’s Busan, as well as Shenzhen and Tianjin in China.

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