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            october 14, 2019

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Cosco Pacific profit increases 2.1pc


Cosco Group's port operator, Cosco Pacific, has posted a first half year-on-year 2.1 per cent net profit increase to US$146.7 million if one excludes a one-off expense, according to Shipping Gazette.
But when a one-off item and profit share from CIMC is included, Cosco Pacific’s net profit showed a 73.8 per cent decline.
Total revenue was up 11.4 per cent to $440.1 million. Revenue from terminal operations rose 18.9 per cent to $258 million on 10.1 per cent throughput growth to 32,481,568 TEU.
Mainland terminal growth slowed 6.8 per cent, while operations in Singapore, Piraeus, Antwerp and the Egypt increased 22.6 per cent.
“We are seeing the volume growth pick up in developed nations as the economic recovery in the US and Europe accelerates," said executive director Wang Haimin.
Revenue from container leasing, management and sales increased 2.1 per cent to $184 million, the company said in its press release.
Mainland terminals handled a total of 26,046,245 TEU in the first half, a 6.8 per cent year-on-year increase.
Cosco Pacific is also is looking to expansion in China and abroad after purchases of stakes in two terminals earlier this year, said Lloyd's List.
“We will look at investment opportunities in emerging markets like Africa, Latin America, southeast Asia and the Middle East,?said executive director Qiu Jinguang.
“We will also invest in improving efficiency, and operational and transshipment capabilities in existing terminals," he said.
Having completed deals for 40 per cent of Hong Kong-based Asia Container Terminals and 25 per cent of an iron ore terminal in Dongjiakou, with the two transactions totalling $269.7 million, Cosco Pacific still held cash reserves of $929.2 million as of the end of June.

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