COSCO SHIPPING Holdings (COSCO) has announced interim results for the first half of the year, riding on high freight rates.
The company recorded an EBIT of CNY95.3 billion ($13.6 billion), representing a year-over-year increase of 92.20 per cent in line with its forecast released earlier in July.
The result marks the company’s best performance in history for the period.
COSCO realised a total pre-tax profit of CNY93.5 billion ($13.4 billion), representing a year-over-year increase of 95.83 per cent.
Net profit attributable to equity holders of the listed company came at CNY64.7 billion ($9.2 billion), representing a year-over-year increase of 74.46 per cent and also a historical high according to the company.
COSCO’s listed company COSCO SHIPPING Ports Limited (CSP) recently posted interim results for the first half of 2022, boasting revenues of $704.6 million.
Its total equity throughput increased by 5.3 per cent in H1 2022, climbing to 20.4 million TEU as ports across China are enjoying steady growth in spite of supply chain hurdles.
Last week, COSCO launched the first Qinzhou-Luzhou regular sea-rail block.
Cargoes were transported from the Port of Abu Dhabi to the Beibu Gulf Port, and then transferred to the Qinzhou East Railway Yard Station in mid-August by a block train running through the New Western Land-sea Trade Corridor.