COSCO Pacific Earns Less in 1st Quarter
Hong Kong-based container terminal operator COSCO Pacific Limited has seen its profit drop by 25.8 percent to USD 42.9 million, against USD 57.9 million recorded in the same period in 2015.
The terminal operator’s revenues for the period decreased to USD 128.6 million, compared to USD 131.6 million a year earlier.
However, COSCO Pacific recorded a slight increase of 2.9 percent in the total container throughput of its terminals business to 22.2 million TEUs from last year’s 21.6 million TEUs.
Equity throughput rose by 3.1 percent to 6.8 million TEUs, compared to 6.6 million TEUs seen in the corresponding period of 2015.
“Uncertain global economic outlook and negative growth in China’s foreign trade have constituted downward pressure to the group’s container terminals business,” COSCO Pacific said.
The group’s terminal companies in mainland China, Hong Kong and Taiwan handled a total of 19.13 million TEUs, an increase of 0.3 percent over last year’s 19.07 million TEUs.
The terminal companies in mainland China alone reported an increase of 0.9 percent handling a total of 18.16 million TEUs, against 18 million TEUs seen in the corresponding period a year earlier.
Regarding the throughput of overseas terminals, COSCO Pacific said that the volumes increased by 22.8 percent to 3.09 million TEUs, compared to 2.52 million TEUs handled in first quarter of 2015.
The throughput at Kumport Terminal in Turkey and Busan Terminal in Korea were 199,270 TEUs and 455,052 TEUs, respectively.
For the three months ended 31 March 2016, the group’s equity throughput increased by 3.1 percent to 6.86 million TEUs from 6.66 million TEUs.
