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Strong growth in port business boosted the profits of transport conglomerate China Merchants Holdings (International) to HK$621 million (US$79.6 million), an increase of 24 per cent from a year ago.

"The first-half results are quite encouraging. Despite the outbreak of SARS, we are expecting healthier development of all four segments - ports, container manufacturing, toll roads and tankers - in the second half," President Fu Yuning told a press conference yesterday.

The company posted HK$993 million (US$127.3 million) in turnover for the six months ended June 30, 45 per cent up from a year ago.

Its investment in booming western Shenzhen ports has paid off: the average throughput rose 49 per cent through January to June to 2.09 million TEUs (twenty-foot equivalent units), faster than the overall 42 per cent growth for the city ports.

The port business alone contributed HK$314 million (US$40.3 million) in profit, or 51 per cent of the total, to the company in the first half, compared with HK$217 million (US$27.8 million) and 42 per cent a year earlier.

"We will provide another 1 billion yuan (US$120.5 million) for the completion of five new berths, four in western Shenzhen and one in Hong Kong, in the second half," said Managing Director David Li.

Backed by China's booming trade,western Shenzhen ports will maintain their growing momentum for the rest of the year but the speed won't be that fast given the larger second-half base of last year, Fu said.

"We expect the full-year growth (for western Shenzhen ports) could stand at no less than 30 per cent. While our market share in Shenzhen is possible to rise a little bit from the current 46 per cent when the year ends," he told the reporters.

The company has no ambition to tap global markets for port operations like its key competitor in Shenzhen - Hutchison Whampoa - Fu said. But it has a great interest in expanding its footholds on the mainland, especially in Tianjin, Shanghai and Qingdao.

"We hope we could co-operate with Shanghai government on its port development projects, but no clear policy is available now," he said.

Since the company has big expansion plans, Fu said the dividend payout ratio will remain stable, between the range of 30-50 per cent.

China Merchants recommended an interim dividend of HK$0.13, compared with last year's HK$0.07, representing 43 per cent of earnings per share, which were HK$0.30.

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