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Ningbo Zhoushan Port Q3 profit falls YOY

Ningbo Zhoushan Port Co. Ltd. said its third-quarter normalized net income was 4 fen per share, a decrease from 4 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 540.3 million yuan, a decrease from 553.5 million yuan in the year-earlier period.

The normalized profit margin dropped to 13.2% from 16.0% in the year-earlier period.

Total revenue increased 22.5% year over year to 4.24 billion yuan from 3.46 billion yuan, and total operating expenses rose 27.0% on an annual basis to 3.39 billion yuan from 2.67 billion yuan.

Reported net income declined year over year to 716.2 million yuan, or 6 fen per share, from 740.6 million yuan, or 6 fen per share.

As of Oct. 29, US$1 was equivalent to 6.36 yuan.