Profit Rises at COSCO Pacific
Hong Kong-listed COSCO Pacific Limited has marked a 8.55% and 4.4% increase in profit for the three months and nine months ended September 30, 2014, respectively, compared to the same period in 2013.
The profit for the third quarter was USD 86,94 million bringing the total profit for the nine months to USD 233,729 million
Total container throughput rose 8.7% in the third quarter and 9.6% for the nine months. Equity throughput rose 9.6% for the three months, and 11.9% for the nine months.
The growth in demand for container leasing was not strong throughout the first three quarters of 2014. In the third quarter, leasing rates remained at low levels. Resale prices of old containers were weak.
As a result, the profit from the container leasing, management and sale businesses decreased as compared with the corresponding period last year. For the third quarter and nine months of 2014 the overall average utilisation rate was 95.7% and 95.1% respectively (three months and nine months ended 30 September 2013: 94.6% and 94.6% respectively).
As at September 30, 2014, the group’s container fleet rose 2.1% to 1,919,310 TEU (September 30, 2013: 1,879,051 TEU).
Press Release; Image: Port of Hamburg