Cosco Shipping Ports, ex-Cosco Pacific, H1 profit falls 8pc

Time: 2016-08-26 14:01
COSCO Shipping Ports, formerly Cosco Pacific, has reported an eight per cent decline in first half net profit to US$171.9 million drawn on revenues of $275 million, down 0.6 per cent year on year.
But these results included an extraordinary gain of $59 million from the disposal of its container leasing business, without which net profit would have fallen 23 per cent to $105.9 million.
Piraeus Terminal and Guangzhou's South China Oceangate Terminal were the best performers, each posting good growth in revenues and throughputs.
During the period, the throughput of Piraeus Terminal rose 14 per cent to 1.7 million TEU and revenue increased 13 per cent to $88.7 million from $78.4 million previously.
Guangzhou's South China Oceangate Terminal meanwhile saw throughput rise six per cent to 2.3 million TEU. Revenue was up seven per cent to $77 million.
However, these good performances were offset by poor results at the group's other China-related terminals, especially in the bulk terminals segment.
Yangzhou Yuanyang Terminal recorded a bulk cargo throughput of 3.8 million tons, 32 per cent down, while revenue fell 31 per cent to $12.1 million.
Quan Zhou Pacific Container Terminal saw bulk cargo throughput fall 30 per cent to 1.2 million tons while revenue decreased 16 per cent to $21 million.
Equity throughput of containers increased by four per cent to 14.3 million while throughput at the group's container terminals rose 3.5 per cent to 46 million TEU and the throughput of bulk cargo was 41.4 million tons, up two per cent year on year.
In the main segments, revenue from the group's China but non-Hong Kong ports saw revenue fall six per cent to 184.7 million.
Contact:  Aster Chen
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