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COSCO Pacific's Q3 earnings fall 14pc to US$74.5 million

COSCO Pacific Limited has announced that profit attributable to shareholders in the three months ended 30 September declined by 14.3 per cent compared to the same period in 2014 to US$74.47 million.

COSCO Pacific's Q3 earnings fall 14pc to US$74.5 million
27 October 2015 - 21:51

COSCO Pacific's Q3 earnings fall 14pc to US$74.5 million

COSCO Pacific Limited has announced that profit attributable to shareholders in the three months ended 30 September declined by 14.3 per cent compared to the same period in 2014 to US$74.47 million.

For the first nine months of the year earnings rose by 2.2 per cent year on year to US$238.9 million.

For the first three quarters of the year, the group's container throughput and profit growth of its terminals business decelerated in the view of slower global economic growth and negative growth in China's exports and imports, the company statement said.

In the third quarter total container throughput rose by 0.3 per cent year on year to 17,651,269 TEU, while over the first nine months of the year throughput was up by 2.8 per cent to 51,483,104 TEU.

The company statement added that between January and September competition in the container leasing industry remained fierce, leasing rates and the resale prices remained weak. In addition there was a decline in the number of disposed returned containers and profit from the group's container leasing, management and sale businesses dropped as compared with the corresponding period last year.

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