[For Immediate Release]
TIANJIN PORT DEVELOPMENT ANNOUNCES 2019 INTERIM RESULTS
TOTAL CONTAINER THROUGHPUT UP 6.7% TO 8.32 MILLION TEUS
(Hong Kong - 28 August 2019) Tianjin Port Development Holdings Limited ("Tianjin Port Development" or "the Group", Hong Kong Stock Code: 03382) today announced its unaudited interim results for the six months ended 30 June 2019.
During the period under review, the Group achieved total cargo throughput of 198.04 million tonnes*, an increase of 2.0% over the same period of last year. The consolidated revenue decreased by 5.5% over the corresponding period of last year to HK$7,086 million. Gross profit fell by 7.4% to 1,443 million. Profit attributable to shareholders of the Company decreased by 26.4% over the same period of last year to HK$299 million. Basic earnings per share was HK4.9 cents.
Non-containerised Cargo Handling Business
The Group achieved total non-containerised cargo throughput of 104.90 million tonnes*, a decrease of 5.0% over the corresponding period of last year. Revenue from the non-containerised cargo handling business amounted to HK$2,023 million, a decrease of 9.6% over the same period of last year. Revenue denominated in RMB decreased by 4.2%, mainly due to the decrease in non- containerised cargo throughput. In terms of total throughput, crude oil handling volume rose by 19.5% to 13.72 million tonnes; automobiles handling grew by 52.0% to 0.76 million tonnes*; metal ore handling decreased by 0.3% to 46.76 million tonnes; coal handling fell by 15.4% to 31.54 million tonnes; and steel handling fell by 7.6% to 5.99 million tonnes.
The consolidated blended average unit price of the non-containerised cargo handling business fell by 1.4% to HK$27.2 per tonne. The consolidated blended average unit price denominated in RMB grew by 4.4%.
Container Handling Business
The Group achieved total container throughput of 8.32 million TEUs, representing an increase of 6.7% when compared to the same period of last year. Revenue from the container handling business amounted to HK$1,125 million, an increase of 7.1% over the corresponding period of last year. Revenue denominated in RMB increased by 13.6%, mainly driven by the increase in container throughput. The consolidated blended average unit price of the container handling business fell by 2.4% to HK$273.0 per TEU. The consolidated blended average unit price denominated in RMB grew by 3.6%.
Sales Business
The Group's sales business mainly engaged in the supply of fuel to the inbound vessels, sales of supplies and other materials. During the period under review, the revenue from the sales business was HK$2,850 million, a decrease of 3.7% over the same period of last year. Revenue denominated in RMB increased by 2.1%, mainly due to the increase in sales volume.
Note: *According to the "Notice on Adjusting the Calculation Method for Ro-Ro Vehicle Throughput in the Ports" (《關於 調整港口滾裝汽車吞吐量計算方法的通知》) issued by the Ministry of Transport of the PRC, with effect from January 2019, the Group's ro-ro vehicle throughput data will use actual weight of the vehicle rather than the coefficient conversion statistical method. The related data in the first half of 2018 have been restated on the same basis for comparison purpose.
Tianjin Port Development Announces 2019 Interim Results
28 August 2019/ Page 2
Other Port Ancillary Services Business
Other port ancillary services of the Group mainly include tugboat services, agency services and other services. During the period under review, cargo agency services fell by 10.4% to 40.52 million tonnes of cargoes; shipping agency services fell by 38.7% to 3,102 vessel calls; tallying services increased by 0.3% to 54.73 million tonnes of cargoes and tugboat services fell by 10.1% to 20,810 vessel calls. Revenue from other port ancillary services business amounted to HK$1,088 million, a decrease of 12.7% over the same period of last year. Revenue denominated in RMB fell by 7.4%, mainly due to the lower non-containerised cargo throughput which caused the drop in revenue from other port ancillary services business.
Outlook
Looking ahead to the second half of the year, the global economic outlook will remain uncertain. Further escalation of global trade war, uncertainties with regard to the direction of the U.S. Federal Reserve's monetary policy and Brexit outcome will continue to cause fluctuations in the global economic development, impose further pressure on global trade prospect and subsequently affect the port industry.
Since beginning of the year, the Group undertook consolidation of three container terminal companies (i.e. Tianjin Port Container Terminal Co., Ltd., Tianjin Orient Container Terminals Co., Ltd. and Tianjin Five Continents International Container Terminal Co., Ltd.) to achieve integration of operation and management of the container terminals in Tianjin Port Dongtudi Area and enhance the efficiency of port operations. Furthermore, the Group has made progress in enhancing the levels of automation and intelligence of its container operations. In promoting the construction of intelligent port, the Group uses 5G technology to achieve automatic control of the quay cranes and intelligent control system to further enhance the operational efficiency of container terminals. In promoting the construction of green port, the Group has put into operation unmanned electric container trucks to achieve zero emissions, adopted intelligent dust suppression sprinkler system and expedited shore-based power supply system build-up to reduce pollution and improve environmental quality. In the second half of the year, the Group will continue to focus on innovation and efficiency enhancement and use the latest technology to realize the objective of promoting port transformation and upgrades and building an intelligent green port.
2019 interim results announcement is available on the Group's website (http://www.tianjinportdev.com)and the designated website of Hong Kong Exchanges and Clearing Limited (http://www.hkexnews.hk).
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Tianjin Port Development Announces 2019 Interim Results
28 August 2019/ Page 3
Notes:
Non-containerised Cargo Handling Business
Nature of terminal | Non-containerised cargo throughput (Million tonnes) | ||
1H2019 | 1H2018 | Net Change Rate of Change |
Subsidiary terminals | 74.31 | 80.97 | -6.66 | -8.2% | ||
Jointly controlled | and | 30.59 | 29.48 | 1.11 | 3.8% | |
affiliated terminals | ||||||
Total | 104.90 | 110.45 | -5.55 | -5.0% | ||
Container Handling Business | ||||||
Nature of terminal | Container throughput ('000 TEUs) | |||||
1H2019 | 1H2018 | Net Change | Rate of Change | |||
Subsidiary terminals | 4,122 | 3,758 | 364 | 9.7% | ||
Jointly controlled | and | 4,193 | 4,033 | 160 | 4.0% | |
affiliated terminals | ||||||
Total | 8,315 | 7,791 | 524 | 6.7% | ||
About Tianjin Port Development Holdings Limited
Tianjin Port Development Holdings Limited (the "Company", HKEx: 03382) was listed on The Stock Exchange of Hong Kong Limited on 24 May 2006. The Company, together with its subsidiaries (collectively known as the "Group") first operated as a non-containerised cargo terminal at the port of Tianjin in 1968 and subsequently expanded into container handling business in 1980. In February 2010, the Group completed the acquisition of 56.81% equity interest in Tianjin Port Holdings Co., Ltd. (SSE: 600717). Today, the Group is the leading port operator at the port of Tianjin and is principally engaged in container and non-containerised cargo handling businesses, sales business and other port ancillary services business.
In the first half of 2019, the port of Tianjin was the seventh largest port in China in terms of total cargo throughput. In terms of total container throughput, the port of Tianjin ranked the sixth in China.
Tianjin Port Development Announces 2019 Interim Results
28 August 2019/ Page 4
Tianjin Port Development Holdings Limited
Unaudited Condensed Consolidated Income Statement
Six months ended 30 June | ||
2019 | 2018 | |
HK$'000 | HK$'000 | |
Revenue | 7,085,540 | 7,495,582 |
Business tax and surcharge | (5,610) | (8,052) |
Cost of sales | (5,636,479) | (5,929,032) |
Gross profit | 1,443,451 | 1,558,498 |
Other income and gains | 227,828 | 128,644 |
Administrative expenses | (703,185) | (750,679) |
Net impairment losses on financial assets | (3,518) | (15,061) |
Other operating expenses | (18,715) | (52,421) |
Operating profit | 945,861 | 868,981 |
Finance costs | (338,637) | (303,458) |
Share of net profit of associates and joint | ||
ventures accounted for using the equity method | 266,354 | 254,231 |
Profit before income tax | 873,578 | 819,754 |
Income tax | (206,881) | (46,613) |
Profit for the period | 666,697 | 773,141 |
Profit attributable to: | ||
Equity holders of the Company | 298,911 | 406,072 |
Non-controlling interests | 367,786 | 367,069 |
666,697 | 773,141 |
For press enquiries:
Strategic Financial Relations (China) Limited
Ms. Jover Wong | (852) | 2864 4811 | sprg-TJP@sprg.com.hk |
Tianjin Port Development Holdings Limited | |||
Ms. Joanna Yau | (852) | 2847 8888 | ir@tianjinportdev.com |
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Tianjin Port Development Holdings Ltd. published this content on 28 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 August 2019 17:00:04 UTC