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Cosco Pacific 2011 profit up 7.6pc to US$3.88 million on 34.2pc more revenue

HONG KONG listed Cosco Pacific, the Cosco group's terminal operating, container making and leasing company, posted a year-on-year 7.6 per cent net profit increase to US$3.88 million in 2011 drawn on a 34.2 revenue increase to $599.15 million.

Cosco Pacific 2011 profit up 7.6pc to US$3.88 million on 34.2pc more revenue
28 March 2012 - 20:12

HONG KONG listed Cosco Pacific, the Cosco group's terminal operating, container making and leasing company, posted a year-on-year 7.6 per cent net profit increase to US$3.88 million in 2011 drawn on a 34.2 revenue increase to $599.15 million.

Profit from the terminal handling business increased 54 per cent to $184.89 million while container leasing brought in 20.9 per cent more profit year on year to $116.5 million, the company announced in a filing to the Hong Kong stock exchange. Profit from container manufacturing was up 30.4 per cent to $91.8 million in the same period.

In 2011, throughput at company terminals increased 15.1 per cent year on year reaching 50,695,897 TEU, the company said, adding that the group's acquisition of 10 per cent more equity interest in the Shenzhen Yantian Terminal the year before also increased profit growth.

"In addition, Piraeus Terminal in Greece and Guangzhou South China Oceangate Terminal, which returned to profitability in September 2010 and the first half of 2011 respectively, showed strong performance during the year, boosting the overall profit from the terminal business," said the company.

In container leasing, management and sale businesses, profits of US$116.5 million were recorded in 2011, a 20.9 per cent year-on-year increase. The container fleet stood at 1,777,792 TEU at the end of the year, an 8.9 per cent increase over 2010.

For its unit, China International Marine Containers (CIMC), after the rapid growth of sales in dry cargo containers and persistently high container prices in the first half of 2011, demand for containers slowed in the second half.

Cosco Pacific's profit attributable from CIMC was US$119.7 million, an increase of 30.4 per cent year on year.

"Revenue was primarily derived from the terminal business and container leasing, management and sale businesses. In 2011, total revenue from the terminal business rose 65.3 per cent, which was mainly attributable to the reclassification of Guangzhou South China Oceangate Terminal, resulting in an increase in total terminal revenue in 2011. Throughput of Guangzhou South China Oceangate Terminal was 3,914,348 TEU, recording revenues of $94,889,000 for the year. In addition, throughput of the Piraeus Terminal in Greece rose to 1,188,148 TEU (2010: 684,881 TEU) in 2011, contributing revenues of $101,420,000 (2010: US$83,303,000) to the group during the year," said the company statement.

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