Dalian Port (HKG:2880) Container Terminal
Hong Kong, April 6, 2009 AEST (ABN Newswire) - Dalian Port (PDA) Company Limited ("Dalian Port" or the "Group")(HKG:2880)(PINK:DLPTF), one of the major oil and container terminal operators in the PRC, today announced its annual results for the year ended 31 December 2008 (the "review period").
In 2008, the Group achieved approximately RMB1,586,512,000 in revenue, representing an increase of 1.0% over that of the previous year, while the gross profit was approximately RMB 698,601,000, representing an increase of 0.3%. The gross profit margin was 44%, approximately the same level as that of 2007. The profit before tax was RMB 1,032,025,000, representing an increase of 37.7% over 2007. The profit attributable to equity holders amounted to approximately RMB 779,614,000, representing a increase of 27.5% over that of 2007. The Board of Directors proposed a final dividend of RMB 9 cents per share.
In 2008, in terms of oil/liquefied chemicals throughput, the Group handled a total of approximately 34.9 million tonnes, an increase of 1.3% over 2007. The Group handled a total of approximately 20.1 million tonnes of imported crude oil, an increase of 8.9% over 2007. In terms of container throughput, the Group handled approximately 5.45 million TEUs, an increase of 28.3% over 2007.
Mr. Sun Hong, Chairman of Dalian Port, is pleased with the results and said the Group had achieved steady business growth despite the challenging market situation. "Although the global financial crisis has put China's economy under pressure, the development of the regional economy and foreign trade of the Group's hinterland, the three northeastern provinces in China, was above China's average level in 2008. The Group's business also demonstrated strong fundamentals. Facing various uncertainties, the Group has actively and objectively analyzed the macro economic situation to take advantage of the market movements and enhance its logistics systems to improve operations across Northeastern China. The Group has been exploring new cargo business opportunities while maintaining the quality of its services to its existing customers. As a result, the Group has achieved stable business growth. In 2008, the Group is still the largest oil, container and automobile terminal operator in Northeastern China," he said.
In the oil segment, the Group's 12 newly constructed crude oil storage tanks commenced operations in 2008. Approval was received to use a proportion of these tanks for the storage of bonded oil. This, in turn, expanded the Group's storage and trans-shipment business for crude oil and enhanced profitability. The construction of the new 300,000 dwt crude oil terminal, jointly invested by the Group and PetroChina, commenced in 2008. In addition, the construction of the commercial crude oil reserve tanks invested by PetroChina also commenced in 2008 within the Group's oil terminal facilities. The operation of such tanks will help increase the Group's oil terminal throughput, achieving continuous business growth.
In the container segment, the Group has put significant efforts in improving its hinterland logistics system in northeastern China, with significant progress on the construction of centre stations and inland depots, operation of hinterland railway in northeastern China and cross-border container railway services and so on. In order to match the growth in throughput, the Group expanded its terminal capacity. The first two berths in Dayao Bay phase III container terminal were put into trial operations in 2008.
Regarding future development strategies, Mr. Sun said, "The Group will strengthen cooperation with its strategic business partners and continue to maintain good relationships with its customers in various business segments, expanding market share and sustaining stable business growth. The Group will also take measures to reduce operational costs and control expenses. It is expected that a series of investment package launched by the central government will help stabilize China's economy and bring new opportunities for the development of ports and logistics industries. The management is confident about the industry's prospects and is ready to capture market opportunities and create the best returns for shareholders." Mr. Sun continued.
Key development strategies in 2009
(1) Oil / liquefied chemicals terminal and related logistics services
The Group will accelerate construction of the new 300,000 dwt terminal, which is expected to commence trial operation by the end of 2009. The Group has also entered a joint venture contract with PetroChina Company Limited and Dalian Construction Investment Company in the first quarter of 2009 to form a joint venture enterprise to invest, construct, manage and operate an LNG terminal and a receiving station in Xingang, Dalian. The project is expected to commence trial operation in 2011.
(2) Container terminal and related logistics services
For the container transportation of foreign trade cargoes, the Group will maintain existing trunk routes, enhance co-operation with shipping lines, seek opportunities to develop new trunk routes and at the same time focus on promoting its international trans-shipment business. In the area of domestic trade container transportation, the Group will fully leverage on the government's policies for sea lanes to encourage shipping lines to introduce more shipping lanes that directly connect Dalian with ports in Southern China. At the same time, the Group will continue to market its cargo services to increase domestic trade volume to the hinterland.
(3) Automobile terminal segment and related logistics services
In March 2009, the Group introduced sea lanes for domestic trade cars connecting Dalian with Guangdong in Southern China to expand domestic trade automobile Ro-Ro shipping market. The Group will capture the current opportunity of relatively low-loaded shipping space for foreign lanes to expand the export automobile market and to promote Dalian as a primary port for foreign trade automobile shipping business.
(4) Port value-added services
The Group has placed an order for the construction of eight new tugboats, three of which will commence operations in 2009. Meanwhile, it will continue to leverage on the advantages of its sizable tugboat fleet and expertise to expand its market outside Dalian.
ENDS
Issued by Porda International (Finance) PR Company Limited for and on behalf of Dalian Port (PDA) Company Limited.
Contact
Porda International (Finance) P.R. Co., Ltd
Keely Chan
Tel: 852 31506760
Email: keely.chan@pordafinance.com.hk
Alman Loong
Tel: 852 31506731
Email: alman.loong@pordafinance.com.hk
Susanna Ho
Tel: 852 31506755
Email: susanna.ho@pordafinance.com.hk
Jenny Yung
Tel: 852 31506735
jenny.yung@pordafinance.com.hk
Fax: 852 31506728
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