Port operators report disappointing H1 results

JINAN -- Listed port operators along China's east coast have reported disappointing data for the first half of 2015 amid the country's declining foreign trade.

The revenue of Jinzhou Port, in Northeast China's Liaoning province, decreased 2.74 percent year on year, with profit down 15.83 percent.

Rizhao Port, in the eastern province of Shandong, saw its revenue drop 15.74 percent from the same period last year. Profits slipped by more than 40 percent.

Xiamen International Port, in East China's Fujian province, registered a 0.41-percent fall in revenue. Net profit excluding non-recurring gains and losses was down 13.82 percent.

China's foreign trade dropped 7.3 percent year on year in the first seven months of 2015, official data showed. In July, foreign trade decreased by 8.8 percent from July 2014.

The port operators attributed their decline to the macro economic depression.

"Our clients, including steelmakers, power generators and coal mines, showed significantly less demand for commodities such as ores and coal," said Rizhao Port in its filing to the Shanghai Stock Exchange.

"We are facing unprecedented severe challenges," Jinzhou Port told the exchange.