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Cosco Shipping Ports' 9-mth gross profit slips while revenue increases
CHINA's Cosco Shipping Ports (CSP) announced that revenue in the first nine months of the year increased by 2.9 per cent to US$431 million from $419 million in the corresponding period of 2016.
However, gross profit dropped by 0.9 per cent to $155 million from $156 million in the first nine months of last year. Gross profit margin dropped by 1.4 percentage points to 36 per cent compared to 37.4 per cent in 2016, the company said.
The Chinese port investor also reported a 53 per cent increase in net profit for the third quarter, on the back of higher handling volume, according to media reports.
CSP said its third-quarter net profit was $61.78 million, compared with a net profit of US$43.9 million a year ago. Third-quarter revenue rose 8 per cent to $155.6 million from $114.1 million a year earlier, as the company's ports handled 16.6 per cent more shipping volume to 24.1 million TEU during the quarter.
The Group's total container throughput in the first nine months of the year rose 13.5 per cent to 64.9 million TEU compared to 57 million TEU in the same period in 2016.
However, gross profit dropped by 0.9 per cent to $155 million from $156 million in the first nine months of last year. Gross profit margin dropped by 1.4 percentage points to 36 per cent compared to 37.4 per cent in 2016, the company said.
The Chinese port investor also reported a 53 per cent increase in net profit for the third quarter, on the back of higher handling volume, according to media reports.
CSP said its third-quarter net profit was $61.78 million, compared with a net profit of US$43.9 million a year ago. Third-quarter revenue rose 8 per cent to $155.6 million from $114.1 million a year earlier, as the company's ports handled 16.6 per cent more shipping volume to 24.1 million TEU during the quarter.
The Group's total container throughput in the first nine months of the year rose 13.5 per cent to 64.9 million TEU compared to 57 million TEU in the same period in 2016.
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