Cosco Shipping Ports profit off 12.5pc to US$147 million, sales rise 4.5pc
COSCO Shipping Ports (CSP) first half net profit fell 12
COSCO Shipping Ports (CSP) first half net profit fell 12.5 per cent year on year to US$147.8 million, drawn on revenues of $517.9 million, up 4.5 per cent.
The Cosco Group's port operator's first half total throughput increased 5.4 per cent to was 59.76 million TEU.
Profit from terminal companies in which the group has controlling stakes was mainly attributable to Piraeus Container Terminal, the CSP Spain Group, Guangzhou South China Oceangate Container Terminal and Xiamen Ocean Gate Container Terminal, said the company statement.
First half Piraeus profit increased 23.1 per cent year on year to $23.1 million. Throughput of Piraeus increased 23.8 per cent to 2.57 million TEU.
'Piraeus terminal recorded an increase in its throughput while higher labour costs and increased depreciation charges for the period due to the completion of construction of the western part of Pier 3 saw costs go up for the first half of 2019 to $97.33m, some 14.1 per cent higher compared with the 2018 half,' said CSP.
CSP said it will continue to leverage on the synergies with the Ocean Alliance and its parent company, 'seize opportunities to cooperate with major shipping companies and ports companies to keep boosting throughput'.
'Given the uncertainties of macro-economy, it is difficult to forecast the outlook of global throughput growth, but Cosco Shipping Ports is cautiously optimistic for the whole year,' CSP said,