[011111.EN.SEA] Cosco Pacific Reports Q3 Loss of 5.5pc

CHINESE port investor, Cosco Pacific, a unit of giant shipping firm China Cosco Holdings, said that its third-quarter net profit fell 5.5 per cent to US$94.5 million compared to $100 million a year earlier. However, the company's net profit during the first nine months of the year surged 14 per cent to $332 million.

Revenue during the three months ending September soared 49 per cent from $107.5 million to $160 million, while revenue during the first nine months of the year rose by 33 per cent to $438.7 million.

The company said that after the rapid growth in the first half of 2011, the group's container throughput growth slowed down in the third quarter. However, the overall throughput growth in the first three quarters remained steady.

For the three months up to September, total container throughput handled by the group's terminal companies grew 10.2 per cent to 13.35 million TEU, while throughput growth in the first nine months of the year increased by 16.2 per cent to 37.6 million TEU.

Source : HKSG, 31.10.11.