Cosco Pacific Q1 profit off 15.5pc to US$68 million as revenues rise 10pc
HONG KONG listed Cosco Pacific, the Cosco group's port operator, posted a 15.5 per cent year-on-year first quarter decline in net profit to US$67.7 million, drawn revenues of $191.1 million, up 10pc.
Total container throughput of its terminals rose 10.7 per cent to 14,147,893 TEU in the first quarter year on year, but Greater China terminals handled an aggregate of 12,425,101 TEU, up 12.5 per cent.
Profit from the terminal business decreased due to an "increase in operating costs and rise in income tax for some terminals in mainland China resulting from the expiry of tax holiday," said the company statement.
Its container fleet capacity rose 5.9 per cent year on year to 1,872,083 TEU in the January-March period. Among the total fleet capacity, 54.4 per cent or 1,017,631 TEU are owned containers, in which Cosco Container Lines owned 23.1 per cent at 431,947 TEU and global customers held the rest of 31.3 per cent at 585,684 TEU.
Sale-and-leaseback boxes accounted for 12.2 per cent of its total container fleet at 229,283 TEU and managed containers occupy 33.4 per cent of the total capacity at 625,169 TEU.
HONG KONG listed Cosco Pacific, the Cosco group's port operator, posted a 15.5 per cent year-on-year first quarter decline in net profit to US$67.7 million, drawn revenues of $191.1 million, up 10pc.
Total container throughput of its terminals rose 10.7 per cent to 14,147,893 TEU in the first quarter year on year, but Greater China terminals handled an aggregate of 12,425,101 TEU, up 12.5 per cent.
Profit from the terminal business decreased due to an "increase in operating costs and rise in income tax for some terminals in mainland China resulting from the expiry of tax holiday," said the company statement.
Its container fleet capacity rose 5.9 per cent year on year to 1,872,083 TEU in the January-March period. Among the total fleet capacity, 54.4 per cent or 1,017,631 TEU are owned containers, in which Cosco Container Lines owned 23.1 per cent at 431,947 TEU and global customers held the rest of 31.3 per cent at 585,684 TEU.
Sale-and-leaseback boxes accounted for 12.2 per cent of its total container fleet at 229,283 TEU and managed containers occupy 33.4 per cent of the total capacity at 625,169 TEU.