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Yangtze income drops

Yangtze income drops
Port and logistics operations, including those along the Yangtze river in China, contributed just HK$17.7m ($2.3m) in pretax profit at Hong Kong?s PYI Corp last year, down from HK$66.4m a year earlier.

Port and logistics operations, including those along the Yangtze river in China, contributed just HK$17.7m ($2.3m) in pretax profit at Hong Kong"s PYI Corp last year, down from HK$66.4m a year earlier.

Port and logistics operations, including those along the Yangtze river in China, contributed just HK$17.7m ($2.3m) in pretax profit at Hong Kong"s PYI Corp last year, down from HK$66.4m a year earlier.

But the company also saw a HK$680m increase to almost HK$2.1bn in the value of its investment portfolio following the completion of new land that will be used for future port and logistics operations.

Commenting on the progress of its ports business PYI chairman Joseph Chow said the company continued to take ?measured steps in materialising our bulk cargo logistics network along the Yangtze river, delivering satisfactory progress and promising results?.

He said Yangkou port in Rudong, Jiangsu province, contributed about HK$41m to group operating profit for the year to March 31m down from HK$97m following a fall in project management income.

Mr Chow said soft opening of the Yangtze river port took place in October with the inauguration of a general cargo berth.

He added that the 1.4 sq km artificial Sun Island was largely completed at Yangkou last year and 300 sq m has been handed over to PetroChina for the construction of a liquefied natural gas facility that will be completed next year.

Some 4.45 sq km out of a total area of 42 sq km has been reclaimed for future port and industrial use.

Mr Chow said Nantong in Jiangsu province contributed about HK$38m to the group"s total net profit of HK$139m last year. He said that while total cargo volumes dropped 7% to 54m tonnes between April 2008 and March 2009, box volumes climbed 8% to a record 400,000 teu.

Mr Chow said the company ?decided to forego the opportunity to acquire up to 12.3% equity interest in Nantong Port Group? last November as a result of the global economic conditions.

But he added that the acquisition of a 51% stake in Yichang Port Group, that will cost Yuan114m ($16.7m), is expected to be completed by October. PYI Corp also acquired a 25% stake in Jiangyin Sunan International Container Terminal for Yuan27.6m from Shanghai Port Container (Macau) last month.

www.TurkishMaritime.com.tr

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