COSCO Pacific Bolsters Quarterly Profit by Fifth

COSCO Pacific Bolsters Quarterly Profit by Fifth

The Hong Kong-headquartered COSCO Pacific handled 16.5 million TEUs throughout its container terminals in the first quarter of 2015, a 6.6% increase compared to 15.5 million TEUs the ports and terminals arm of the COSCO Group handled in the first three months of 2014.

The improved throughput translated to a 19.7% rise in net profit for the quarter, bringing its equity holders USD 77 million. COSCO Pacific ended 1Q2014 with a USD 64.4 million net profit.

The company managed to increase net profit despite an 8% decline in revenue, which stood at USD 195 million.

COSCO Pacific described the performance of its container terminals in 1Q2015 as ”satisfactory,” highlighting a 28% increase in volumes at the Xiamen Ocean Gate Container Terminal, which achieved a turnaround profit, and was ”one of the key drivers of the segment’s sustained profit growth.”

The company’s terminal companies in mainland China, Hong Kong and Taiwan handled a total of
14.1 million TEUs (corresponding period of 2014: 13.3 million TEUs), up 6.1%.

COSCO Pacific’s overseas terminals in Piraeus, Suez, Singapore, and Antwerp handled 9.9% more containers in 1Q2015, totalling 2.4 million TEUs for the period.

 

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