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Cosco Pacific profit up 30pc to US$382 million as revenue falls 8.3pc

Time：2016-03-31 Browse：82 Author：RISINGSUN

COSCO Pacific, global port operator for Cosco group posted a 30 per cent year-on-year increase in net profit in 2015 to US$382 million, drawn on revenues of $487 million, down 8.3 per cent.

Profit was lifted by the inclusion of $79.2 million sale of its 21.8 per cent of China International Marine Containers (Group) Co in 2013, the company declared in a filing to the Hong Kong stock exchange.

The result beat the $300 million average estimate of 12 analysts compiled by Bloomberg.

China reorganised its two biggest marine groups - XChina Ocean Shipping Group and China Shipping Group in a bid to overhaul inefficient state-run companies.

Cosco Pacific`s terminals handled 19.3 million TEU last year, up 1.1 per cent year on year. The company, which operates most of its container terminal business in China, has also signed an agreement with PSA International for an investment in Singapore.

Cosco Pacific said revenue from the terminals businesses fell 5.8 per cent to $487 million mainly due to the depreciation of the euro and the renminbi against the dollar.