HONG KONG, Oct. 28 /PRNewswire-Asia/ -- Dalian Port (PDA) Company Limited ("Dalian Port" or the "Group", HKEx stock code: 2880), one of the major oil and container terminal operators in the PRC, announced its operating results for the 9 months ended 30 September 2010 (the "period under review"). Moreover, the board has determined that the total number of A Shares to be issued, which comprises Public A Shares and Consideration Shares, will not exceed 1,500 million due to favorable market and economic conditions. The board previously decided to issue not more than 1,200 million Public A Shares to Qualified Public A Share Investors and not more than 1,200 million Consideration Shares to Dalian Port Corporation Limited ("PDA").
The Group achieved encouraging results for the period under review. For the period under review, the Group's net profit was RMB509 million, representing a Y.O.Y growth of 23.4%. Revenue for the period under review rose by 7.0% to RMB1,303 million. Earnings per share was RMB 0.17 (3Q2009: RMB0.14), representing a Y.O.Y growth of 21.4%. Throughput for oil/liquefied chemicals terminal business has recorded 13.0% growth, with the total aggregate volume of 33.6 million tonnes. Throughput for container terminal business has experienced 12.8% growth, with the total aggregate volume of 4.51 million TEUs. Throughput for automobile terminal business recorded an impressive boost by 188.4% to 89,021 units.
Commenting on the adjustment on the A Share Issue, Mr. Sun Hong, Chairman of Dalian Port said, "Our initial decision to issue not more than 1,200 million Public A Shares to Qualified Public A Share Investors and not more than 1,200 million Consideration Shares to PDA was based on the theoretical upper limit on the issue. The board has been authorized to finalize the scale of the offer. Based on the current market conditions, the performance of the H Shares of the Company and the management's outlook for the port and shipping industry, the board expects a satisfactory outcome of the A Share IPO and hence there is no need to issue the planned number of shares to meet our fundraising needs. Therefore, we determined that the total number of shares to be issued will not exceed 1,500 million. This will give a more accurate expectation and a prediction that the offer will not be significantly oversubscribed."
Dalian Port has adopted a new approach for the A share issue. The total number of A shares to be issued will not exceed 1,500 million,while the number of Consideration Shares and Public A Shares are subject to change with the offer price. This will make the overall IPO plan more flexible and strike a balance between the interest of the Company's controlling shareholder and that of the other public shareholders. For this reason the Company's proposal for the A Share Issue was largely approved by the shareholders and was also approved by the regulatory authority.
About Dalian Port (PDA) Company Limited
Dalian Port (PDA) Company Limited is principally engaged in four business segments, namely: the provision of terminal and related logistics services for oil / liquefied chemicals; the provision of terminal and logistics services for containers; the provision of terminal and logistics services for automobiles; and the provision of port value added services. The Group, which was listed on the Main Board of the Stock Exchange of Hong Kong Limited on 28 April 2006, is the largest oil, container and automobile terminal operator in Northeast China.
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SOURCE Dalian Port (PDA) Company Limited