China Merchants Holdings International to Emphasize Port Development

Home>>Business

Last updated at: (Beijing Time) Friday, April 11, 2003

China Merchants Holdings International to Emphasize Port Development

DISCUSSION

CHINESE

SEND TO FRIEND

Robust economic growth in Chinalast year has benefited port development, container manufacturing and toll roads on the Chinese mainland, said Fu Yuning, chairman of China Merchants Holdings International, Thursday.

Announcing his company's final results for the year 2002 at a news conference, Fu said port businesses in the Pearl River Delta and Yangtze River Delta will be the future focus of China Merchants Holdings, as the company is planning to build 16 to 28 about berths on the Chinese mainland in the next five years.

With the company achieving an increase of 40 percent in turnover at 1,689 million Hong Kong dollars (216.5 million US dollars) for 2002, and a ten percent increase earnings per share at 42.9 cents, Fu said the robust economic growth in China last year has benefited not only port development but also container manufacturing and toll roads.

"We'll consolidate our current dominance in the Pearl River Delta Region, while radiating our footholds in strategic locationsin Yangtze Delta to become the leading public berth operator," he said, adding that the Bohai Economic Rim will also be covered.

He said the 16 to 28 berths in China will have a handling capacity of 12 million cargo ton.

Some of the projects will include the building of seven berths and the increasing of stake of another berth in 2003, while at least nine more berths will be built during the period from 2004 to 2007, Fu said.

Such berths will be built in Shekou Container Terminal, Shenzhen's Chiwan Container Terminal, Mawan Port, and Zhangzhou Port.

According to the company sources, the company posted its post-provision profit attributable to shareholders at 883 million Hong Kong dollars (113.2 million US dollars), representing an increase of ten percent.

Currently, 53 percent of China Merchants Holdings Internationalis owned by China Merchants Holdings, which is wholly owned by China's Ministry of Finance. China Merchants Holdings International's business areas cover container manufacturing, ports, toll roads and tankers.

Questions?Comments? Click here

China Has not Provided Weapons to Iraq Since 1990 ( 2 Messages)

SARS May not Originate from China: WHO Official ( 10 Messages)

HK Star Leslie Cheung Commits Suicide ( 41 Messages)

The War to Topple Saddam Is a Burden on the Americans ( 13 Messages)

Who Are the Real Criminals? ( 28 Messages)