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Cosco Pacific profit up 12pc to US$164.4 million as revenues falls 8.6pc

COSCO Pacific first half net profit increased 12 per cent to US$164.43 million, drawn on revenues of $402.42 million, which dropped 8.6 per cent year on year.

Cosco Pacific profit up 12pc to US$164.4 million as revenues falls 8.6pc
27 August 2015 - 21:44

Cosco Pacific profit up 12pc to US$164.4 million as revenues falls 8.6pc

COSCO Pacific first half net profit increased 12 per cent to US$164.43 million, drawn on revenues of $402.42 million, which dropped 8.6 per cent year on year.

First half revenue from the Hong Kong-listed company's terminals dropped five per cent to $245.05 million.

Profit from the terminals business increased 11.1 per cent to $121.22 million. Equity throughput rose 1.9 per cent to 9.46 million TEU with total volume rising 4.2 per cent to 33.83 million TEU.

But first half revenue from Piraeus Container Terminal was up 4.7 per cent in euros, but down in dollars by 14.3 per cent to $78.39 million because of currency devaluation.

Revenues from container leasing, management and sale businesses dropped 13.3 per cent to $159.61 million. Profit dropped 6.8 per cent to $49.66 million while the container fleet expanded 1.7 per cent to 1.96 million TEU.

"Due to a significant decrease of 68.8 per cent in the number of disposed returned containers and lower resale prices year on year, revenue from the disposal of returned containers declined," said a company statement. 

Global growth slowed during the first half of the year. According to the July 2015 report from International Monetary Fund (IMF), global economy was estimated to grow 3.3 per cent in 2015, 0.2 percentage points lower than previously estimated. 

China was to have grown at a 6.8 per cent rate in 2015, 0.6 percentage points lower than the 7.4 per cent growth in 2014. 

Against the backdrop of a slowing economy, the total value of China's foreign trade in the first half saw a 6.9 per cent decrease year on year, challenging the sector's operating environment.

During the first half, even faced with volatile global economy, the terminal business still reported an overall profit of $121.22 million an 11.1 per cent increase. 

Xiamen Ocean Gate Terminal achieved a turnaround. Together with Xiamen Haitou Tongda Terminal Co Ltd (Xiamen Tongda Terminal), which was acquired in March 2013, the terminal reported a profit of $9,000 against a 2014 loss of $2.86 million. 

Yantian Terminal profit increased 11.1 per cent to $23.02 million. Qingdao Qianwan Terminal saw an increase in its average revenue per TEU and throughput, which drove the profit up 12.7 per cent to $24.36 million. 

Antwerp Terminal profit increased 126.5 per cent to $2.69 million and profit from Tianjin Euroasia Terminal was up 243.9 per cent to US$1.69 million.

Cosco acquired 40 per cent of Hong Kong's Asia Container Terminal (ACT), whose profit and throughput have been included since March 14, 2014. 

The acquired company contributed a 78.7 per cent profit increase to $990,000 for the corresponding period of 2014. The company repaid interest for the group's shareholder's loan of $1.8 million.

During the period, the Bohai Rim region reported a total throughput of 12.76 million TEU, up 1.7 per cent and accounting for 37.7 per cent of the company's total box volumes. 

The Yangtze River Delta region reported a total throughput of 5.1 million TEU, up 5.3 per cent and accounting for 15.3 per cent of total company volume. 

The throughput of Shanghai Pudong International Container Terminals Limited and Ningbo Yuan Dong Terminal rose 4.1 per cent to 1.22 million and up 19.8 per cent to 1.87 million TEU year on year, mainly attributable to additional shipping routes.

The Pearl River Delta region reported a total throughput of 9.13 million TEU, up 5.9 per cent and accounting for 27 per cent of the company total. 

As of June 30, the company was operating 108 container terminals berths with a total annual handling capacity of 65.75 million TEU and was operating 13 bulk cargo berths with a total annual handling capacity of 46,050,000 tons

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