COSCO Shipping Ports Doubles Profit in 2017
- Business & Finance
Hong Kong-listed port operator COSCO Shipping Ports ended 2017 on a high note, having more than doubled its profit.
The company’s profit attributable to equity holders reached USD 512.4 million in 2017, representing an increase of 107.4 pct compared with 2016 when the profit stood at USD 247 million.
Excluding profit after tax from one-off exceptional items in 2017 and profit in relation to discontinued container leasing, management and sale businesses in 2016, the company recorded profit attributable to equity holders of USD 227 million, a 25.5 pct increase year-on-year.
Piraeus Container Terminal in Greece and Guangzhou South China Oceangate Container Terminal Company were the main drivers of profit with regard to companies in which the group has a controlling stake, while non-controlling terminals reported a 31.5 pct increase in profit, reaching USD 241.8 million.
In total, the group’s throughput for the year came at 100,202,185 TEU.
COSCO Shipping Ports’ revenues for 2017 also saw an increase totaling in USD 634 million, up by 14.1 pct year-on-year.
The better business performance was assigned to the economic recovery and growth fueled by the group’s acquisitions.
These included the acquisition of 51 pct of the shares of NPH Group in Spain and increasing equity interest in Zeebrugge Terminal, as well as taking over of 51 pct stake in Nantong Terminal.
Moving forward, the group plans to focus its investments in Southeast Asia, Latin America and Africa, so as to continue to extend its network of terminals.
The group’s portfolio of operated and managed assets includes 35 ports spread across Southeast Asia, Europe and the Middle East with 179 container berths.