[311013.EN.SEA] Cosco Pacific Profit Up 4.7pc To US$80 Million As Revenues Rise 11pc

HONG KONG-listed Cosco Pacific has posted a 4.7 per cent third quarter year-on-year net profit increase to US$80 million, drawn on revenues of $203.1 million, up 11 per cent.

Total throughput in the third quarter from the 21 terminals it operates in China, Europe, Singapore, Taiwan and the Suez Canal increased 11.1 per cent year-on-year to 16.2 million TEU. In the first three quarters the company's terminals handled a total of 45.7 million TEU, up 10.2 per cent year on year.

The third quarter net profit excluded earnings contributed by China International Marine Containers (CIMC), in which China Cosco Holdings disposed of its stake in May, through Cosco Pacific to recoup its losses.

Cosco Pacific gained $393.4 million from the transaction, which pushed its bottom-line profit up to $640 million, an increase of 131 per cent over the third quarter of 2012 as the profit share from CIMC was included.

The biggest growth in terminal throughput in the third quarter was achieved by new investment in Taiwan's Kao Ming Container Terminal in Kaohsiung at 69 per cent year on year, handling 866,869 TEU.

Total third quarter container volume handled at terminals in the Bohai Rim rose 7.7 per cent year-on-year to six million TEU; volumes at Yangtze River Delta terminals were up 20.3 per cent to 2.6 million TEU.

Pearl River Delta terminals, including Shenzhen, Hong Kong and Guangzhou saw total volumes of 4.6 million TEU, an increase of 1.1 per cent year on year.

Overseas terminals in the third quarter handled a total of 2.1 million TEU, up 20.2 per cent year-on-year, with Piraeus Container Terminal handling 644,907 TEU, up 27.7 per cent; the Suez Canal Container Terminal handling 815,012 TEU, up 16.2 per cent; the Cosco-PSA Terminal's throughput down 5.7 per cent at 278,010 TEU and throughput at Antwerp Gateway increased to 364,333 TEU, up 47.6 per cent.

The overall average utilisation rate of the group's container leasing business over the three-month period dropped 1.1 per cent to 94.6 per cent year-on-year.

Source : HKSG.