COSCO Pacific, the third biggest terminal operator in Asia, increased first half profit 11 per cent to US$153.2 million drawn on a 10 per cent revenue increase to $162 million, according to a company statement issued to the Hong Kong stock exchange.
"With a solid growth of its terminal business, the company's total container throughput recorded a 22.7 per cent increase to 22,088,046 TEU, ranking it as the fifth largest container terminal operator in the world," said the company statement.
"The company's overseas terminals business recorded satisfactory growth and its overseas terminal network further expanded. The company has been appointed as the provisional awarded bidder for the concession rights of the container terminal at Piraeus Port in Greece," said the statement.
"Revenue from container ports and leasing has been rising," Nomura International analyst Jim Wong told Bloomberg. "New projects, including Guangzhou Nansha port and Dalian Automobile Terminal, will start making profit contributions in the second half."
Cosco Pacific runs 20 container-terminals worldwide with overseas volume tripling to 2.4 million TEU after the company bought a stake in a terminal on the Suez Canal and added a berth at its Singapore venture. Throughput through its Antwerp facility rose 57 per cent.
Florens Container Holdings,the company's box leasing arm, increased profit 29 per cent to $64.8 million, expanding its owned and managed fleet 17 per cent to 1.63 million, claiming a 13 per cent global market share.
Cosco Pacific's profit contribution from China International Marine Containers Co rose 4.9 per cent to $29.1 million after the company increased its ownership to 22 per cent. China International, the world's biggest container manufacturers, reported a 22 per cent drop in first-half earning recently because of rising costs of steel.
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Source: schednet.com
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