Cosco Pacific see profits surge by 71 percent

25 Aug 2011 - Port Planning

• Cosco Pacific see profits rise by 71% during first half of 2011

• Terminal operator records interim profits of US$119.3 million

Cosco Pacific Ltd., part of China's biggest shipping group, saw profits surge by 71 percent for the first half of 2011 to $119.3 million, when compared to that of the same period in 2010.

The Hong Kong-listed firm recorded revenues of $278.7 million, boasting a 25.2 percent rise over the previous year.

Gross profit was boosted considerably after the company managed to reverse prior losses at the Cosco managed Piraeus terminal, and due to the reclassification of the Guangzhou terminal from a jointly operated facility to a subsidiary. Profits attributable to shareholders also rose by 24.8% percent to $237 million, report the JOC.

Volumes at the company's terminals reached 24.2 million TEUs, a 19.7 percent rise on the first six months of 2010, with profits at the terminals more than doubling to $96.6 million.

The company commented that it “expects a steady growth of container throughoput in the second half.”

Controlled by China Cosco Holdings, Cosco Pacific is responsible for operations at terminals in China, Hong Kong, Greece, Singapore, Egypt and Belgium.