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Christine Chan

Port operator Shenzhen Chiwan Wharf Holdings has reported a 10.56 per cent rise in profit for last year.

The company, which operates the port of Chiwan in the Pearl River Delta, said profit was 124.36 million yuan (about HK$115.44 million), based on international accounting standards.

Turnover rose 24.5 per cent to 424.94 million yuan on strong throughput growth, which rose 15.6 per cent to 7.17 million tonnes.

At operating level, profit failed to rise by the same margin as sales, increasing by 3.7 per cent to 136.2 million yuan, on reduced margins of 32.05 per cent, against 38.48 per cent previously.

Earnings per share climbed 10 per cent to 36.2 fen. A final dividend of 19.5 fen a share will be paid.

Chiwan Wharf trades B-shares on the Shenzhen stock exchange. It said it expected to achieve a slower but steady growth this year.

It said it would focus on further developing grain and agricultural production material as main sources of cargo, in line with China's policy of giving priority to agriculture investments.

Shanghai Shangling Electric Appliances Co, which trades B-shares on the Shanghai stock exchange, said it made 143.62 million yuan last year, a drop of 9.43 per cent from 158.58 million yuan in 1994. Shangling's shares closed 6 per cent lower at US$0.648 yesterday after the results announcement.

Although turnover soared 30.72 per cent to 1.92 billion yuan from 1.47 billion yuan, operating profit fell 6.1 per cent to 177.63 million yuan. The figures were in accordance with international accounting standards.

Profit margins were cut to 9.22 per cent from 12.85 per cent.

 Earnings per share were down 11.31 per cent at 52.5 fen, from 59.2 fen previously.

  Directors recommended a two-for-10 bonus share issue to shareholders.



Profits rise for delta port operator as cargo throughput grows strongly