COSCO Shipping Ports (CSP) has continued to recover from the worst effects of the COVID-19 pandemic with a 5.9% year-on-year (YoY) increase in gross profit during Q3, despite suffering a substantial loss in the first nine months of 2020.
The terminal operator’s gross profits fell by 22.9% between January and September as it made $169.9 million. Its Q3 profit was $70.5 million.
In its Greater China terminals throughput decreased by 1.6% January-September and rose by 3.4% in Q3.
Throughput at its overseas region increased by 2.7% and accounted for 22.1% of total throughput.
In a statement attached to its financial results, CSP said the global economy remained uncertain despite the work undertaken by countries to lessen the impact of the pandemic.
It attributed its recovery to its ‘Lean Operations’ strategy, a plan to control cost and improve efficiency across its entire portfolio. Furthermore, it said it is “actively accelerating informatization and digitization, unifying terminal operating system” and is continuing to implement Navis N4 system in its subsidiaries.
“COSCO SHIPPING Ports will continue to deploy resources prudently, optimize the cost structure, enhance operational efficiency and enhance risk management,” it said.
“The Group remains steadfastly committed to building well-balanced terminal network with extended services to meet the needs of shipping alliances; and will continue to prudently seize development.”