Earnings slip for China Merchants Holdings despite higher revenue

LOWER profit contributions from its toll road operations and the absence of a gain on disposal of its discontinued property development business reduced earnings for Chinese toll road operator China Merchants Holdings (Pacific) for its full financial year 2015.

Net profit for the 12 months ended Dec 31 fell 19 per cent year-on-year to HK$597.22 million, the company said at a results briefing on Thursday after the market closed.

This was even though revenue rose 9 per cent from the previous year to about HK$2.21 billion.

The group, also known as CM Pacific, did not report Q4 2015 figures.

Earnings per share stood at 45.43 HK cents for FY15, down from 85.26 HK cents in FY14.

Net asset value per share was HK$5.32 as at Dec 31, 2015, down from HK$5.86 as at Dec 31, 2014.

The group declared a final dividend of 3.5 Singapore cents, bringing its total dividend to seven Singapore cents per share for FY15.

CM Pacific shares were up half a cent to S$0.78 on Thursday before its results announcement.