COSCO Shipping Ports’ Profit, Revenue Jump in 3Q

Hong Kong’s port operator COSCO Shipping Ports (CSP) delivered a rise in profit attributable to equity holders, as revenue surged in the third quarter of 2018.

For the quarter, the company’s revenue jumped by 62.6 percent to USD 253 million from USD 155.6 million, as profit attributable to equity holders increased by 11.8 percent to USD 75.1 million from USD 67.2 million.

Due to a slowdown in throughput growth of the group’s non-controlling terminal companies, COSCO Shipping Ports handled a total of 30.8 million TEU, representing an increase of 11.1 percent compared to 27.7 million TEU reported in the third quarter of 2017.

Throughput from the group’s subsidiaries increased by 33 percent to 5.79 million TEU from 4.35 million TEU reported in the third quarter of 2017, accounting for 18.8 percent of the group’s throughput. Volumes from the group’s non-controlling terminals rose by 7 percent to 25 million TEU, up from 23.3 million TEU seen a year earlier, accounting for 81.2% of the total throughput.

For the period of first nine months ended September 30, 2018, the company’s revenue surged by 73.5 percent to USD 748.4 million from USD 431.3 million, however, profit attributable to equity holders plunged by 46 percent to USD 244.1 million from USD 451.9 million reported in the nine-month period of 2017.

During the first nine months of the year, the company’s total throughput increased by 20.6 percent to 87.5 million TEU, compared to 72.5 million TEU handled a year earlier.