Calmer waters for port operator
Port operator Pacific Ports' attributable loss improved to $15.42 million in the first six months of this year from $173.42 million in the same period last year after its new substantial shareholder, New World Infrastructure, launched a restructuring programme.
New World, which took over the company from Fairyoung Holdings a year ago, said the restructuring had started to bear fruit as 'the financial results showed signs of a turnaround'.
It said the improvement came despite 'a difficult operating environment'.
New World said it expected the company's performance to improve further as it was committed to injecting non-Hong Kong port-related operations into Pacific Ports 'at an appropriate time'.
The loss before taxation shrank to $18.48 million from $192.11 million previously.
Pacific Ports said the No. 12 container terminal in Xiang Yu Quay, Xiamen, underwent the most significant improvement, generating an operating profit of $6.9 million against an operating loss of $7 million previously. The group's turnover increased 28.63 per cent to $47.66 million.