Cosco Profits
COSCO Pacific, the terminal operating unit of Cosco Group, said its profits fell 74% year on year to $146.8M due to lack of one-off gains from disposal of a subsidiary last year.
Excluding the one-off items, COSCO Pacific’s profits rose 2% y/y to $146.8M on container throughput increase, a stock filing of the company said today.
Revenues gained 11% y/y to $440.2M during the same period. The company’s total throughput increased 10% y/y to 32.5Mteu, with the equity throughput up 13% y/y to 9.3Mteu.
For its container leasing, management and sale business, the profit of the segment fell 30% y/y as its box fleet increased 3% y/y to 1.9Mteu. During the period, COSCO Pacific added two berths at Asia Container Terminals in Hong Kong and two berths at Dongjiakou Ore Terminal in Qingdao, China.
As of 30 June, the company was operating 106 container berths, with a total annual handling capacity of 64.3Mteu and was operating 13 bulk cargo berths with a total annual handling capacity of 46.1M tonnes.
In the second half of the year, the group’s container throughput is expected to grow steadily, giving a boost to terminals business profits, it added.
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