COSCO SHIPPING Ports reports $360 million revenue in Q3

COSCO SHIPPING Ports announces $360 million revenue in Q3

COSCO SHIPPING Ports Limited (CSP) has announced third quarter results of the company and its subsidiaries for the three months and nine months ended 30 September 2023.

COSCO SHIPPING Ports’ total throughput for the third quarter increased by 4.1 per cent year-on-year (YoY) to 35.6 million TEU. Equity throughput increased by 2.7 per cent YoY to 11.4 million TEU.

Total throughput from subsidiaries fell by 3.4 per cent to 8.2 million TEU. The company’s revenue climbed by 2.7 per cent YoY to $358.9 million. Profit attributable to the company’s equity investors fell by 4.0 per cent YoY to $83.3 million.

READ: COSCO Shipping Ports announces Q1 2022 results

Furthermore, total throughput for the first nine months of 2023 increased by 2.8 per cent YoY to 100.1 million TEU.

To 32.1 million TEU, equity throughput climbed 1.8 per cent YoY. The total throughput from subsidiaries fell 5.1 per cent to 22.9 million TEU.

Overall, CSP’s revenue fell 0.6 per cent YoY to $1 million. Profit attributable to the company’s equity investors fell 11.7 per cent YoY to $233.6 million.

In March, CSP announced the acquisition of majority stakes in Xiamen Haicang Free Trade Port Zone Investment and Construction Management Co., Ltd. and Xiamen Ocean Gate Container Terminal Co., Ltd.

That same month, CSP announced that its total throughput for 2022 increased by 0.6 per cent from 2021 to 130.1 million TEU.

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