Cosco Shipping Holdings posts US$39m profit in Q1

Time: 2017-05-04 13:46
COSCO Shipping Holdings Co, Ltd reported a net profit attributable to equity holders of CNY270 million (US$39 million) for the first quarter of 2017, or CNY91 million if non-recurring charges were not considered.
This compares with a loss of CNY4.5 billion for the first quarter of 2016, or a CNY2.1 billion loss without non-recurring charges, American Shipper reported.
However, comparison with last year's results are complicated because of the merger of Cosco and China Shipping, and accompanying restructuring of the combined companies. The company said last year it began chartering and operating container vessels of China Shipping only two-thirds of the way through the first quarter of 2016.
Meanwhile, Cosco Shipping Holdings had revenues from container shipping and related business of CNY19.3 billion for the quarter, a 68 per cent year-over-year increase, which it attributed to a rise in volumes and revenue per TEU.
During the quarter, the company carried 4.65 million TEU, up 54 per cent from the first quarter of 2016.
Shipping route revenues totalled CNY17.1 billion for the quarter, up 71 per cent year over year.
On the transpacific trade, revenues amounted to nearly CNY5 billion, while volumes rose 53 per cent year over year to 709,387 TEU.
Total throughput from the company's container terminal business reached 23.9 million TEU during the quarter, up 7.5 per cent from the corresponding 2016 period.
Contact:  Aster Chen
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