Shanghai International Port Group (SIPG), the Shanghai-listed operator of the city's ports, said interim net profit declined 30.73 per cent to 1.71 billion yuan (HK$1.94 billion), while revenue fell 13.6 per cent to 7.9 billion yuan.
Shanghai is the world's busiest port in terms of tonnage and the second-busiest container port, behind Singapore.
'During the first half, our company was affected by the worsening conditions of the port and shipping sector, due to the heavy impact on China's imports and exports from the global financial crisis. The company recognises that the global recovery will be a gradual process,' SIPG said in an announcement on the Shanghai Stock Exchange website.
SIPG will proceed with infrastructure projects like the sixth phase of the Waigaoqiao port. The project has a planned total investment of 4.87 billion yuan, of which 1.59 billion yuan has been invested.
The sixth phase of the port is expected to start operations next year and will have an annual container throughput capacity of 2.1 million 20-foot equivalent units (TEUs) and 730,000 vehicles.
Also in the works is SIPG's international passenger terminal, with a budgeted total investment of 5.69 billion yuan, of which 80.3 per cent has been invested. The terminal is scheduled to be completed by the end of this year.