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Cosco Pacific profit up 2.3pc to US$292 million in '14 as sales rise 8.9pc

COSCO's terminal operator, Cosco Pacific, has posted a 2.3 per cent year-on-year net profit increase to US$292.75 million in 2014, drawn on revenues of $870.09 billion, which increased 8.9 per cent. 

Cosco Pacific profit up 2.3pc to US$292 million in '14 as sales rise 8.9pc
25 March 2015 - 21:48

Cosco Pacific profit up 2.3pc to US$292 million in '14 as sales rise 8.9pc

COSCO's terminal operator, Cosco Pacific, has posted a 2.3 per cent year-on-year net profit increase to US$292.75 million in 2014, drawn on revenues of $870.09 billion, which increased 8.9 per cent. 

Revenue from the terminals business rose by 13.6 per cent to $516.99 billion - gains mostly attributable to Piraeus, Guangzhou and Xiamen operations.

Revenue from the container leasing, management and sale businesses rose 2.7 per cent to $357.07 million with fleet size of owned containers rising 2.6 per cent, while sale-and-leaseback boxes went up 42.4 per cent.

But with lower lease rates and resale prices, the revenue growth was slower than the increase in the number of containers.

the terminals business saw total throughput increase 9.9 per cent to 67,326,122 TEU. Equity throughput increased 10.8 per cent to 19,047,214 TEU. Profit rose 18.3 per cent to $220.97 million.

On the overall economic climate, Cosco Pacific said: "Economic activity has remained weak in the context of enduring negative market sentiment, a situation often described as the "new normal". 

"The growth of global trade slowed by 0.3 percentage points as compared to 2013 to 3.1 per cent in 2014," said the company statement. 

"Despite this, the growth in global port container throughput improved," it said.

Cosco Pacific total throughput was up 9.9 per cent to 67,326,122 TEU, mostly due to Yantian, Qingdao and overseas operations, all of which exceeded expectations, along with the additional throughput from the newly acquired Asia Container Terminal in Hong Kong.

Mainland volume, 79.9 per cent of the company-wide total, came to 53,787,323 TEU in 2014 up 6.1 per cent. Bohai Rim volume, 37.3 per cent of the company total, came to 25,130,274 TEU, up 6.8 per cent, with Qingdao Qianwan Terminal up 7.5 per cent to reached 16,108,145 TEU.

Yangtze River Delta volume, 14.7 per cent of the company total, rose 4.1 per cent to 9,902,712 TEU with Shanghai Pudong Terminal contributing 2,373,620 TEU, up rose 5.7 per cent as Ningbo Yuan Dong Terminal throughput increased 14.5 per cent to 3,214,703 TEU.

The combined throughput of the southeast coast and others reached 3,767,499 TEU, representing an increase of 14.5 per cent and accounting for 5.6 per cent of the group's total throughput. Xiamen Ocean Gate Terminal surged 32.3 per cent to 806,183 TEU. 

Pearl River Delta throughput, 28.4 per cent of the group's total, was up 13.1 per cent to 19,099,473 TEU, with Shenzhen's Yantian Terminal rising 8.1 per cent to 11,672,798 TEU, Guangzhou South China Oceangate Terminal rising 4.4 per cent to 4,647,266 TEU. 

Throughput at Cosco-HIT Terminal was a flat 1,639,995 TEU with the Asia Container Terminal (ACT) being included since mid-March 2014 when it was acquired and contributing 1,139,414 TEU during the year.

Throughput of overseas terminals posted and increase of 16.9 per cent to 9,426,164 TEU. The efforts by Piraeus Terminal to expand market share yielded expected results, with its business continuing to grow and the customer mix further improved.

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