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Cosco Shipping Ports Q1 profit fell 27.9pc but sales rose 4.1pc

CHINA Cosco Shipping Ports first quarter profit fell 27

Cosco Shipping Ports Q1 profit fell 27.9pc but sales rose 4.1pc

CHINA Cosco Shipping Ports first quarter profit fell 27

28 April 2019 - 19:00

CHINA Cosco Shipping Ports first quarter profit fell 27.9 per cent to US$49.9 million, drawn on revenues of $247.7 million, an increase of 4.1 per cent year on year.

Pearl River Delta container volume increased three per cent in the first quarter to 6,397,906 TEU, accounting for 22.3 per cent of the group's total throughput.



Throughput from Guangzhou South China Oceangate Container Terminal Company Limited increased 15.1 per cent to 1,380,501 TEU.



Overseas volume through company terminals increased 13 per cent to 6,623,974 TEU, accounting for 23.1 per cent of the group's total throughput.



Piraeus Container Terminal in Greece was up 24.4 per cent to 1,246,007 TEU. Total throughput of Cosco Shipping Ports (Spain) Holdings increased 10.6 per cent to 917,937 TEU.



Greater China had the lion's share of the volume, up 3.6 per cent year on year to 22,107,759 TEU, accounting for 76.9 per cent of the group's total throughput.



Throughput of the Bohai Rim region increased 3.8 per cent to 9,196,254 TEU, making up 32 per cent of the group's total throughput.



Total throughput of the Yangtze River Delta increased 4.6 per cent to 4,849,042 TEU, making up 16.9 per cent of the group's total throughput.



Total throughput of Shanghai Pudong International Container Terminals and Shanghai Mingdong Container Terminals decreased three per cent and 2.5 per cent respectively.



Volumes via southeast coast and other regions fell 0.8 per cent to 1,343,975 TEU, accounting for 4.7 per cent of the group's total throughput.



Looking ahead, the company said: 'Although there are still uncertainties, the market expects that Sino-US trade war may reach agreement, low interest rates environment continues and China and Europe will continue to strengthen cooperation to promote the Belt and Road Initiative.'


WORLD SHIPPING

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