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CSP H1 net profit up 70pc excluding one-offs, revenues soar 80pc to US$495m

HONG Kong-based Cosco Shipping Ports (CSP) recorded a profit attributable to equity holders of the company of US$169 million for the first six months of 2018, down 56.1 per cent from the corresponding 2017 period.

However, excluding one-off effects from completions of the subscription of non-circulating domestic shares in Qingdao Port International Co Ltd and the disposal of equity interests in Qingdao Qianwan Container Terminal Co Ltd, adjusted net profit attributable to equity holders of the company of $169 million for the first six months of 2018 was up 70.1 per cent year over year.

According to the global port operator's latest financial statements, revenues came in at $495.5 million, up 79.7 per cent from the first six months of 2017.

CSP managed to increase throughput 26.5 per cent year over year for the first six months of 2018, handling 56.7 million TEU - 44.6 million TEU from the Greater China region and 12.1 million TEU from overseas terminals.

"2018 is a year full of challenges. Sino-US trade frictions, the rise of trade protectionism, geopolitical uncertainties and the upward trend of interest rates have the potential to place serious pressure on the development of global trade. Despite all these uncertainties, the growth momentum of global economy in 2017 continued in the first half of 2018," CSP said.

"Leading indicators including the US Institute of Supply Management Manufacturing Index and the Eurozone Manufacturing PMI all conveyed growth in the first half of 2018 and provide positive tailwinds for the continuous growth in the second half."

The throughput of the Greater China region accounted for 78.6 per cent of the company's total container volume for the first half of the year. Throughput at the group's overseas terminals, which accounted for the remaining 21.5 per cent, rose 36.8 per cent from the first half of 2017, mainly due to increased calls by the OCEAN Alliance and other shipping alliances.

Looking ahead, the port operator said: "With a solid foundation laid, Cosco Shipping Ports remains cautiously positive about the prospect. As one of the world's leading ports operator, the company will continue to grow its capacity with the ongoing support from the OCEAN Alliance and the synergies with its parent company, which is its unique competitive advantage.

"Though expected to be least impact by the Sino-US trade frictions, the company will continue to optimise the cost structure and enhance operational efficiency against the backdrop of uncertainties casting shadow over the macro environment."

Source: Schednet

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