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| Wednesday, 26 August 2015, 20:49 HKT/SGT | |
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| Profit attributable to equity holders reached HK$120 million, representing an increase of 16% |
HONG KONG, Aug 26, 2015 - (ACN Newswire) - Chu Kong Shipping Enterprises (Group) Company Limited ("CKS" or the "Company", stock code: 560.HK), one of China's largest passenger and cargo shipping service providers in the Pearl River Delta Region covering Guangdong Province, Hong Kong and Macau, is pleased to announce the interim results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2015 (the "Reporting Period").
During the Reporting Period, the Group recorded a consolidated revenue of HK$933 million, up by 9.9% as compared with the corresponding period last year. Profit attributable to equity holders of the Company was HK$120 million, up by 16.2% as compared with the corresponding period last year.
Under the circumstances of the "New Normal" period in China, the economy has gradually entered into a new stage of economic re-structuring and change in growth momentum with slow-down of economic growth. In response to the macro environment with the global economic downturn and a structural adjustment in China's economy, the Group focused on maintaining business performance, controlling risks and promoting development, and actively implemented the transformation, upgrade and reform of the Group. Satisfactory results have been achieved in all key business area and progress, with significant growth recorded in overall operation.
Rapid growth in terminal and logistic business
Regarding terminal and logistic business, the Group continued to capitalise on its regional leading advantages, promoted professionalised operation, and successfully achieved steady growth of its major businesses. During the year, container transportation volume recorded an increase of 10.6%, and break bulk cargoes transportation volume experienced an increase of 2.5% year-on-year. For cargo handling and storage businesses, terminal logistics resources are optimised continuously that volume growths are recorded in all major terminals so the container handling volume increased by 10.9%. Affected by the trend of containerisation and diversion of cargoes, break bulk cargoes handling volume dropped by 21.9%, while volume of container hauling and trucking increased by 6.7% year-on-year. Supported by businesses with high gross margin such as newly expanded storage logistics and big-bulk cargo logistics, the overall profit contribution by terminal logistics business continued to grow. Profit for the period amounting to HK$52.5 million, representing an increase of 17.2% year on year.
Cultivating new business drivers in passenger transportation business, indicating a bright future
Due to increased number of routes for ticket agency services, the passenger transportation business of the Group continued to see a stable growth. During the period, the total number of passengers for agency services of Chu Kong Passenger Transport Company Limited ("CKPT") was 3,316,000, representing a year-on-year increase of 0.9%. The urban routes were affected by the reduced number of visitors to Hong Kong, and showed an overall decline of passenger numbers. While benefited by the continuous growth of transit visitors, growth of passenger numbers with the airport routes were substantial, with 1,123,000 passengers recorded for agency services, representing a year-on-year increase of 16.0%. The number of passengers for terminal services recorded 3,728,000, representing a year-on-year decrease of 1.1%. Benefited from the investment income due to the lower oil prices, the overall profit contribution by passenger transportation business continued to grow, amount to HK$66.3 million during the period, representing a year-on-year increase of 8.3%.
On 22 May 2015, the Company successfully completed the placement of 180 million shares, raising a total of HK$460 million. The proceeds therefrom will be used for general operating purpose. The Group will consistently and actively promote its project development, and consolidate the core competitiveness of its passenger transportation and freight business, so as to generate long-term returns for its shareholders.
Mr. Xiong Gebing, Chairman of CKS, stated, "Looking forward to the second half of the year, we have full confidence in the development of each business segment of the Group. In the second half of the year, the group will pay close attention to the State's development strategies including "One Belt, One Road" policy and free trade zone construction, and adapt to the economic development in the "New Normal" period. In the future, based on storage logistics business and Guangzhou Nansha International Logistics Park of the parent company, the Group will push forward the development of cross-border e-commerce logistics, and strengthen its leading position in water-way high-speed passenger transportation between Guangdong-Hong Kong-Macau through various ways including expanding tourist transportation, so as to become a competitive shipping logistics service provider around the Guangdong-Hong Kong-Macau area."
About Chu Kong Enterprises (Group) Co., Ltd.
Chu Kong Enterprises (Group) Co., Ltd. ("CKS") is a listed company incorporated in Hong Kong held by Chu Kong Shipping Enterprises (Holdings) Co., Ltd. ("CKSE") and subject to Guangdong Province Navigation Holdings Co., Ltd. Its strategic orientation is "based in Hong Kong, backed by the mainland and facing the world" and is principally engaged in terminal logistics, high-speed waterway passenger transportation and tourist business between Hong Kong, the Pearl River Delta Region (PRD) and coastal areas. After years of development, CKS owns 20 PRD inland barge terminals and operates more than 35 container barge routes, as well as 18 bulk freight routes with 17 passenger destinations and with 18 passenger routes. It also manages the fleet of Cotai Jet, and the passenger transportation business in Skypier, Hong Kong International Airport. CKS is one of the leading enterprises in the PRD waterway logistics and high-speed waterway passenger transport industry.
Topic: Press release summary
Sectors: Daily Finance
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From the Asia Corporate News Network
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