Cosco Shipping Ports' Q1 profit edges up 2.6pc to U$74.9m

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MAJOR port operator Cosco Shipping Ports (CSP) says profit attributable to equity holders in the first quarter of the year increased 2.6 per cent to US$74.9 million, compared to the same period in 2021.

Revenue surged 21.4 per cent year on year to $329.7 million on the back of "effective sales and marketing strategy and contribution of subsidiary of Tianjin Container Terminal since December 2021.

Total throughput in the three-month period totalled 30.3 million TEU, a slight increase of 0.3 per cent compared to the first three months of 2021.

Total throughput of the Greater China region decreased by 3.6 per cent year on year to 22.5 million TEU (Q1 2021: 23.2 million TEU) and accounted for 74.3 per cent of the group's total.

The Bohai Rim region total volume in the three months totalled 9.5 million TEU, a fall of 4.0 per cent year on year (Q1 2021: 9.9 million TEU), accounting for 31.5 per cent of the group's total.

The Yangtze River Delta region saw volume decreased by 3.3 per cent to 3.6 million TEU in 2022 (Q1 2021: 3.7 TEU) and accounted for 11.8 per cent of the group's total.

Southeast Coast region throughput increased by 16.4 per cent to 1.6 million TEU (Q1 2021: 1.4 million TEU) and accounted for 5.2 per cent of the group's total.

Total throughput of the Pearl River Delta region decreased by 8.0 per cent to 6.4 million TEU (Q1 2021: 6.9 million TEU) and accounted for 21.2 per cent of the group's total.

The total throughput of its overseas ports increased by 11.7 per cent to 7.8 million TEU (Q1 2021: 6.9 million TEU) and accounted for 25.7 per cent of the group's total.

Looking ahead, CSP said the situation of Covid-19 pandemic is still severe at the beginning of 2022, which brings uncertainties to the recovery of global economy.

"Confronted with quite a lot of challenges, Cosco Shipping Ports continues to strengthen lean operations strategy, focus on improving quality and efficiency, control costs and maintain a stable financial situation.

"The Group will be able to leverage on its ample cash and cash equivalents to maintain a stable financial position and facilitate sustainable development, which will also support its dividend policy in 2022."

Source: Schendet

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