It is riding on increase in world trade as global economies recover(SINGAPORE) Cosco Pacific Ltd, Asia's third-largest container terminal operator, more than doubled profit last year as world trade rebounded from the global recession.
Net income climbed to US$361.3 million from US$172.5 million a year earlier, the Hong Kong- based company said in a statement to the city's stock exchange yesterday. That was in line with the US$358.4 million average of 17 analyst estimates compiled by Bloomberg. Sales rose 28 per cent to US$446.5 million.
The company's terminals handled 19 per cent more containers than a year earlier as Chinese exporters boosted shipments of car parts, furniture and clothes to the US and Europe.
Inbound container shipments at major US ports may also rise 9 per cent in the first half of this year, according to the Washington-based National Retail Federation.
'The global trade and container transportation sector will be able to sustain its growth momentum' this year, Cosco Pacific said. That will provide a 'favourable environment' for its terminals and other businesses, it said.
The company, controlled by China Cosco Holdings Co, moved 48.5 million 20-foot boxes last year, according to the statement. It owns or has stakes in more than 20 terminal operators, predominantly in China and Hong Kong.
The terminal operator dropped 1.9 per cent to HK$14.58 at the midday trading break in Hong Kong before the earnings announcement. The company has advanced 7.7 per cent this year, the fifth-best performance in the Hang Seng Index, which has dropped 0.9 per cent.
Cosco Pacific, which also has a container leasing unit and a stake in box-maker China International Marine Containers (Group) Co, proposed a final dividend of 2.5 US cents. The company sold its stake in Cosco Logistics Co to its parent in 2009.
Singapore-based PSA International Pte, the world's second-largest container port operator, on March 4 said that 2010 net income rose 21 per cent to $1.18 billion.
First-ranked Hutchison Port Holdings Ltd is scheduled to announce earnings next week alongside its parent, Hong Kong-based Hutchison Whampoa Ltd.
Source : BT - Bloomberg, 24.03.11.
'The global trade and container transportation sector will be able to sustain its growth momentum' this year, Cosco Pacific said. That will provide a 'favourable environment' for its terminals and other businesses, it said.
The company, controlled by China Cosco Holdings Co, moved 48.5 million 20-foot boxes last year, according to the statement. It owns or has stakes in more than 20 terminal operators, predominantly in China and Hong Kong.
The terminal operator dropped 1.9 per cent to HK$14.58 at the midday trading break in Hong Kong before the earnings announcement. The company has advanced 7.7 per cent this year, the fifth-best performance in the Hang Seng Index, which has dropped 0.9 per cent.
Cosco Pacific, which also has a container leasing unit and a stake in box-maker China International Marine Containers (Group) Co, proposed a final dividend of 2.5 US cents. The company sold its stake in Cosco Logistics Co to its parent in 2009.
Singapore-based PSA International Pte, the world's second-largest container port operator, on March 4 said that 2010 net income rose 21 per cent to $1.18 billion.
First-ranked Hutchison Port Holdings Ltd is scheduled to announce earnings next week alongside its parent, Hong Kong-based Hutchison Whampoa Ltd.
Source : BT - Bloomberg, 24.03.11.
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