Port operator China Merchants benefits from overseas assets
April 30, 2014 Category Logistics, Ports & sea transport
The net profit of China Merchants Holdings (International) rose 10.3% to HKD4.2 billion last year, with the port operator attributing the “satisfying results” to increased handling capacity and earnings from overseas acquisitions. The throughput handled by the company rose 18.5% to hit a record 71.32 million TEU. Overseas port projects contributed, for the first time, more than 10% of total throughput. Since the second half of 2012, the firm had acquired port operations in Djibouti, Taiwan and France. Total throughput contributed by the overseas projects reached 7.49 million TEU last year. Vice Chairman Li Jianhong said he was confident the overseas projects would further demonstrate their potential this year. Emerging markets, including Africa, South Asia and the Middle East, were all under consideration for further expansion. However, the acquisitions added debt pressure to the company’s financing structure. By the end of last year, its interest bearing debts had increased by HKD8.1 billion, raising its net gearing ratio to 42.1% from 27.3%. The company also announced it would issue mandatory convertible securities to raise HKD15.3 billion to repay debt and as capital expenditure.
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