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Cosco Ports quarterly profit soars 84pc to US$69 million, revenue up 86pc

COSCO Shipping Ports' first quarter net profit increased 84.3 per cent year on year to US$69.22 million, drawn on revenues of US$237.93 million, an increase of 86.1 per cent.

Total throughput achieved by the state-owned international port operator increased 37.7 per cent to 27,206,500 TEU, while volumes at terminal companies in which Cosco has controlling stakes increased 38.5 per cent to 5,234,257 TEU.

Cosco's non-controlling terminals achieved a first quarter throughput of 21,972,243 TEU, representing an increase of 37.5 per cent year on year.

The company announced its intention to publish quarterly financial and operational highlights in the future.

Throughput of the Bohai Rim region accounted for 32.6 per cent of the group's total, and increased 149.7 per cent to 8,866,311 TEU for the quarter. Throughput of Qingdao Port International Co Ltd (QPI) was 4,550,000 TEU. Throughput of Dalian Container Terminal Co Ltd grew by 50 per cent to 2,158,861 TEU, which benefited from the increase in throughput after merged.

Throughput of the Yangtze River Delta region accounted for 17.1 per cent of the group's total and amounted to 4,636,858 TEU represented a decrease of 1.2 per cent.

Impacted by the Chinese New Year holidays and prolonged foggy days in the first quarter, throughput of Shanghai Mingdong Container Terminals Limited decreased 5.1 per cent to 1,449,416 TEU.

Throughput of the southeast cast region accounted for five per cent of the group's total, increased by 27 per cent to 1,354,840 TEU. With the increased calls from the OCEAN Alliance, throughput of Xiamen Ocean Gate Container Terminal, surged by 91.6 per cent to 526,660 TEU.

Throughput of the Pearl River Delta region was 6,211,464 TEU and made up 22.8 per cent of the Cosco's quarterly total and increased of 5.9 per cent year on year. Throughput of Yantian International Container Terminals benefited from the growth in US and European exports, increased by 8.7 per cent to 2,861,024 TEU. Throughput of Nansha Stevedoring Corporation Limited of Port of Guangzhou increased by six per cent to 1,332,038 TEU.

Throughput of the Southwest Coast region accounted for one per cent of the company's total, increasing 0.2 per cent to 275,648 TEU.

The overseas terminals' quarterly throughput increased 36 per cent to 5,861,379 TEU and accounted for 21.5 per cent of the group's total.

Throughput of Noatum Port Holding in Spain and its subsidiaries was 829,769 TEU. Fueled by increased calls by the OCEAN Alliance and THE Alliance, throughput of Piraeus Container Terminal in Greece increased 20.1 per cent to 1,001,438 TEU. Driven by increased calls from the OCEAN Alliance, throughput of Cosco-PSA Terminal Private Limited surged 66.8 per cent to 788,240 TEU.

Source: Schednet

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