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(Shanghai Daily)
Updated: 2007-04-17 11:00

Dalian Port Co, operator of China's largest crude-oil terminal, yesterday raised its second-half profit 45 percent as the country's economic growth boosted demand for energy and container shipments.

Dalian Port Co, operator of China's largest crude-oil terminal, yesterday raised its second-half profit 45 percent as the country's economic growth boosted demand for energy and container shipments. [Shanghai Daily]

Net income for the six months ended December 31 rose to 256.4 million yuan (US$33 million) from 177.3 million yuan a year earlier, according to calculations based on 2006 earnings announced by the Dalian, northeast China-based company. Sales surged 25 percent to 820 million yuan, Bloomberg News said.

Dalian Port and its ventures handled 14 percent more crude oil last year and 21 percent more containers, as China's exports surged 27 percent. The port operator has formed ventures to build additional container berths and it also plans to open six new crude-oil storage tanks this year.

"Growth in container throughput is more stable and faster than crude oil throughput as Dalian Port mainly serves northeastern provinces, the main hub of China's heavy industries," said Edward Wong, an analyst at Quam Ltd inHong Kong. "Imports of crude oil partly depend on oil prices."

Dalian Port handled 3.15 million standard 20-foot boxes last year, it said. Sales from container traffic rose 20 percent in the period to 690.5 million yuan, or 45 percent of its total revenue. Gross profit totaled 360.7 million yuan, or 43 percent of total profit.

Crude oil volume totaled 20.9 million tons in 2006. Refined oil volumes fell 17 percent to 11 million tons. The company's revenue from oil and liquefied chemicals rose 22 percent to 594.8 million yuan, equal to 39 percent of total revenue. The unit's gross profit was 352.9 million yuan, or 42 percent of the company's total profit.

China consumed about 6.9 million barrels a day of oil last year, according to theMinistry of Commerce. Crude-oil imports may rise five percent by 2010, theNational Development and Reform Commission, China's top economic planning body, said on April 10.

For the full year, Dalian Port's profit rose 51 percent to 631.6 million yuan. That exceeded the 610 million yuan average of five analysts' estimates compiled by Bloomberg. Sales climbed 22 percent to 1.55 billion yuan.

Dalian Port and Modern Terminals Ltd, controlled by Hong Kong-based Wharf (Holdings) Ltd, agreed in March to build deep-water container terminals in Dalian. The venture followed a similar tie-up between Dalian Port, Nippon Yusen K.K. and China Shipping (Group) Co announced in December.