Cosco Shipping Ports Q1 profit soars 140pc to US$73 million

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MAINLAND China's international port operator Cosco Shipping Ports announced that net profits in the first quarter of the year surged 140.1 per cent year on year US$73 million, drawn on revenues of US$265.3 million, up 0.3 per cent.

The port operator said the Q1 profit excluded a one off gain from the disposal of Yangzhou Yuanyang Terminal and Zhangjiagang Terminal.

Total container throughput was 30.19 million TEU, a year-on-year increase of 9.9 per cent.

Throughput of the Greater China region in the three months to the end of March increased 12.5 per cent to 23.23 million TEU, accounting for 76.9 per cent of the group's total throughput.

The total volume of containers handled by overseas terminals increased by 2.0 per cent to 6.96 million TEU, accounting for 23.1 of the group's total throughput.

Looking ahead, the company said in a statement: "We see the growth momentum of the ports industry in the first quarter of 2021 and believe the impact from COVID-19 epidemic on the ports industry has gradually eased.

"We expect the trade and economy to further recover and we are well prepared to seize opportunities arising from the rebound of global demand."

Source: Schednet

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