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Cosco Pacific profit rises 31pc on box stake sale while revenues slip 2.2pc
COSCO Pacific, the Chinese shipping conglomerate's port operator, posted a 31.4 per cent year-on-year increase in first quarter profit to US$109.1 million, drawn on revenues of $129.2 million, down 2.27 per cent
But without the one-off gain from its sale of its stake in Florens Container Holdings, net profit would have fallen 27.4 per cent to $42 million from $57.9 million previously, the group said.
The group抯 total container throughput of its terminals business grew 2.9 per cent year on year to 22.2 million TEU.
Cosco Pacific's terminal companies in mainland China, Hong Kong and Taiwan handled a total of 19.1 million TEU almost flat from the previous year.
The group抯 terminal companies in mainland China handled a total of 18.2 million TEU, but the throughput at overseas terminals rose by 22.8 per cent to 3.1 million TEU from 2.5 million TEU previously.
But without the one-off gain from its sale of its stake in Florens Container Holdings, net profit would have fallen 27.4 per cent to $42 million from $57.9 million previously, the group said.
The group抯 total container throughput of its terminals business grew 2.9 per cent year on year to 22.2 million TEU.
Cosco Pacific's terminal companies in mainland China, Hong Kong and Taiwan handled a total of 19.1 million TEU almost flat from the previous year.
The group抯 terminal companies in mainland China handled a total of 18.2 million TEU, but the throughput at overseas terminals rose by 22.8 per cent to 3.1 million TEU from 2.5 million TEU previously.
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