Higher revenue from port operations helped lift profits at China Merchants Holdings International (CMHI) by 10 per cent last year.
Net profit was HK$882.48 million compared with HK$800.21 million in 2001, the western Shenzhen port operator said yesterday. The result was in line with market expectations, despite a HK$200 million provision due to a property revaluation.
Turnover was HK$1.68 billion, up 40 per cent from HK$1.2 billion in 2001.
CMHI also raised its dividend payout ratio to 51 per cent from 41 per cent in 2001, recommending a final dividend and special dividend of 10 HK cents and five HK cents per share respectively.
Chairman Fu Yuning said the newly acquired port business of China Merchants Port Services and China Merchants Container Services - both fully-owned by the group - accounted for the discrepancy between the rise in net profit and turnover.
'Last year was the first time our port business has contributed over half of our profits and it shows we have successfully transformed ourselves from a port investor to the position of a port operator,' Mr Fu said.
