Shanghai Daily reported that the Shanghai International Port Group reported a 30% drop in its H1 profit due to a slower turnover of cargo as an economic crisis hurts exports.

According to a filing to the Shanghai Stock Exchange that the company reaped a USD 252 million profits in the six months ended June 30th Revenue came in at USD 1.2 billion during the period a 13.6%YoY drop from the same period last year.

The group handled 11.67 million TEUs in the H1 a decline of 15.5%YoY. The cargo throughput stood at 169.5 million tonnes a 10.8%YoY.

There were signs of improved business in the second quarter when container throughput rose 7.9%QoQ while cargo throughput gained 24.32%.

(Sourced from Shanghai Daily)