Cosco Pacific`s quarterly profit off 49pc, but says worst over

COSCO Pacific, China big container-terminal operator, announced a 49 per cent fall in third quarter profit to US$40 million drawn on revenues of $83.4 million, a drop of 8.5 per cent year on year.
Container volume dropped 4.2 per cent year on year in the third quarter as the global downturn continued to depress consumer demand in the US and Europe.
But Wei Fiafu, CEO of Cosco Pacific`s parent China Cosco Holdings, said volumes were again "going up" as the world economy improves and that the worst of the recession was over.
Cosco Pacific handled 11.7 million TEU in the third quarter, reported Bloomberg, adding that the company also owns or has stakes in 21 terminals and has recently started operations at a fourth overseas terminal in Piraeus, Greece.
"The Chinese export recovery is real and sustainable," said Bank of America-Merrill Lynch analysts Christie Ju and Rong Li in a joint paper. "We expect Cosco Pacific`s port unit to benefit from the recovery."