COSCO SHIPPING steers flat throughput course in Q1

COSCO SHIPPING Ports releases Q12023 Results

COSCO SHIPPING Ports Limited has announced its first-quarter results for the Group’s subsidiaries for the period ending 31 March 2023.

Despite a 0.5 per cent YoY decrease in revenue to $328 million, the company saw an increase of 11.2 per cent YoY in gross profit to $89.9 million.

The company’s gross profit margin also expanded by 2.9 percentage points to 27.4 per cent.

READ: Germany reconsiders COSCO investment in Hamburg port amid security concerns

The total throughput remained flat at 30,305,420 TEU, with total throughput from subsidiaries at 6,654,729 TEU, a YoY decrease of 11.1 per cent.

For the same period, total throughput of the terminals in China increased by 0.6 per cent YoY to 22,650,786 TEU, accounting for 74.7 per cent of the Group’s total.

READ: China’s ports Q1 throughput nears 70 million TEU mark

In terms of the Group’s overall performance, the overseas region experienced a marginal decline in total throughput by 1.5 per cent YoY, amounting to 7,654,634 TEU, representing a 25.3 per cent share of the total.

COSCO SHIPPING Ports recently announced that its total throughput for 2022 increased by 0.6 per cent from 2021 to 130,107,074 TEU.

The company’s 2022 full year total equity throughput increased by 5.5 per cent year-on-year to 42,069,050 TEU.

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