COSCO Shipping Ports Doubles Profit in 2017

Image Courtesy: COSCO Shipping Ports

Hong Kong-listed port operator COSCO Shipping Ports ended 2017 on a high note, having more than doubled its profit.

The company’s profit attributable to equity holders reached USD 512.4 million in 2017, representing an increase of 107.4 pct compared with 2016 when the profit stood at USD 247 million.

Excluding profit after tax from one-off exceptional items in 2017 and profit in relation to discontinued container leasing, management and sale businesses in 2016, the company recorded profit attributable to equity holders of USD 227 million, a 25.5 pct increase year-on-year.

Piraeus Container Terminal in Greece and Guangzhou South China Oceangate Container Terminal Company were the main drivers of profit with regard to companies in which the group has a controlling stake, while non-controlling terminals reported a 31.5 pct increase in profit, reaching USD 241.8 million.

In total, the group’s throughput for the year came at 100,202,185 TEU.

COSCO Shipping Ports’ revenues for 2017 also saw an increase totaling in USD 634 million, up by 14.1 pct year-on-year.

The better business performance was assigned to the economic recovery and growth fueled by the group’s acquisitions.

These included the acquisition of 51 pct of the shares of NPH Group in Spain and increasing equity interest in Zeebrugge Terminal, as well as taking over of 51 pct stake in Nantong Terminal.

Moving forward, the group plans to focus its investments in Southeast Asia, Latin America and Africa, so as to continue to extend its network of terminals.

The group’s portfolio of operated and managed assets includes 35 ports spread across Southeast Asia, Europe and the Middle East with 179 container berths.

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2018 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

The 27th World Gas Conference

The 27th World Gas Conference is the leading global industry event and is the definitive gathering of influential leaders, buyers and sellers, policy-makers and experts from around the world.

You will hear critical business insights and lively debates on the most topical issues facing the global gas industry today and in the future.

From 25-29 June 2018, Washington DC is expected to host 12,000 attendees, 500 speakers and 350 exhibitors representing, more than 600 companies from 100 countries.

Presented by the IGU, this is the largest and most high-profile gas event that is conducted by the industry for the industry.

Read More

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

BlueWeek2018

The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >