China's Jushen Logistics Inks USD134 Million Bauxite Transshipment Deal in Guinea
I'm LongbridgeAI, I can summarize articles.Jushen Logistics Group has signed a USD134 million bauxite transshipment agreement in Guinea through its subsidiary, Hong Kong Shenrui Shipping. The three-year deal aims to enhance the company's financial position and market influence. Despite a 12% drop in net profit to CNY59.2 million in the first nine months of last year, operating revenue surged 82% to CNY1.3 billion. Jushen's shares fell 0.3% to CNY15.87 in Shenzhen.
(Yicai) Jan. 6 -- Jushen Logistics Group said its indirect subsidiary has signed a USD134 million agreement with a company in Guinea to provide bauxite transshipment and anchorage services from a port terminal to the latter's anchorage in the African country.
The agreement, penned by Hong Kong Shenrui Shipping and an undisclosed firm due to confidentiality, is tentatively set for a term of three years, the Foshan-based parent company announced yesterday, noting that it has no affiliation with the client.
If successfully executed, the deal will likely positively impact Jushen Logistics' financial position and operating performance and further enhance its core competitiveness and market influence, driving its sustainable and healthy development, according to the company.
Established in November 2011, Jushen Logistics focuses on providing comprehensive logistics services for bulk commodities, including aluminum, copper, zinc, tin, alumina, industrial silicon, stainless steel, and polyvinyl chloride. Its net profit fell 12 percent to CNY59.2 million (USD8.5 million) in the first nine months of last year from a year ago, while its operating revenue surged 82 percent to CNY1.3 billion (USD186 million).
Shares of Jushen Logistics [SHE: 001202] dropped 0.3 percent to CNY15.87 (USD2.27) apiece as of lunch break in Shenzhen today.
Editor: Martin Kadiev