China's largest port posts 52% growth in profit for H1 on foreign trade recovery


Shanghai International Port Group (SIPG), China's largest commercial port and one of the country's major gateways for foreign trade, reported a 52 percent increase in profits during the first half of the year. Net profits for SIPG were 2.6 billion yuan (385 million U.S. dollars) from January to June, up 52.4 percent year on year, the company said in a statement to the Shanghai Stock Exchange on Saturday. Further, earnings per share rose 52 percent from a year earlier to 0.12 yuan, according to the statement. The company attributed the growth mainly to China's robust trade performance in the first half of the year. During the first half of 2010, China's exports rose 35.2 percent to 705.09 billion U.S. dollars while imports increased 52.7 percent to 649.79 billion U.S. dollars, according to the General Administration of Customs. SIPG shares on the Shanghai bourse closed down 0.48 percent to 4.17 yuan on Friday.