Qinhuangdao port issues profit warning

It said that the net profit for the first six months of the year, ending June 30, is expected to decrease by approximately 80-90% as compared with the same period in 2015.

The decrease is said to be a result of the decline in supply and demand in the coal market.

A company statement said: “Such decrease was mainly attributable to the decrease in revenue of the Group resulting from the decline in throughput of coals of Qinhuangdao Port.”

“This was caused by the weakened supply for demand in the coal market, the increase in the number of southbound transport channels for coats from northern region and the intensified competition from surrounding ports in the first half of 2016.”

The predictions are based on a preliminary assessment of the Qinhuangdao port accounts for the six months, which have not yet been fully reviewed or audited by the company’s auditor and are still subject to change.

Full results will be published by the end of August 2016.