The port terminal operator announced profit attributable to equity holders of the company rose 12 percent despite revenues dropping 8.6 percent in the first half of 2015.
COSCO Pacific Limited reported profits attributable to equity holders of the company of $164.4 million for the first-half of 2015, a year-over-year increase of 12 percent.
The terminals business posted a profit of $121.2 million for the first-half of the year, up 11.1 percent from the same period in 2014, while terminal throughput increased 4.2 percent to 33.8 million TEUs, according to the company’s most recent financial statements.
Profits from container leasing, management and sale businesses reached $49.7 million, a year-over-year decrease of 6.8 percent.
The port terminal operator posted revenues of $402.4 million for the first-half of 2015, down 8.6 percent from the same period in 2014.
Revenues from its terminals business stood at $245.1 million, while revenues from the container leasing, management and sale businesses stood at $159.7 million, down 5 percent and 13.3 percent, respectively.
COSCO Pacific said it expects fierce competition to continue within the sector. The port terminal operator said container throughput growth in 2015 may be slower than expected and in order to maintain steady profit growth in the terminals business, it will focus primarily on cost control.
COSCO Pacific profits up 12% in first half
