Cosco expects quarterly profit to surge 205pc to US$315 million

CHINA COSCO HOLDINGS has declared it expects year-end results to show a year-on-year 205 per cent increase in third quarter net profit to US$315 million following losses suffered in 2009.

Its container business increased coverage on routes and saw 2010 peak season up on transpacific routes by 39.8 per cent and on Far East/European routes by 42.9 per cent, said Coscon managing director Sun Jiakang.


"In 2010, with the crisis fading out, the world economy and global trade gradually speeded up the recovery. We arranged and adjusted our deployment according to the regional market demands and the business performance," said Dr Sun, according to London`s Containerisation International.


The robust performance compares starkly with a lacklustre 2009 where it slumped to 14th place on the Journal of Commerce`s top 40 container rankings and saw revenue down 48.1 per cent to $10 billion, a profit loss of $1 billion attributed for a weakening in its dry bulk and terminal businesses.