The port terminal operator arm of China COSCO Shipping saw earnings sink 65.6 percent to $37.6 million in first quarter 2017 despite a 7.5 percent increase in container throughput compared with the same 2016 period.
COSCO SHIPPING Ports Ltd. reported profits attributable to equity shareholders of the company of $37.6 million in the first quarter of 2017, a 65.6 percent drop compared with the same period a year ago, according to the company’s most recent financial statements.
Formerly known as COSCO Pacific, COSCO SHIPPING Ports is the port terminal operator arm of China COSCO Shipping Corp. Ltd., the merged shipping conglomerate formed last year from state-run firms COSCO and China Shipping.
Diluted earnings per share (EPS) from continuing operations stood at $1.25 for the quarter compared with $1.45 per diluted share in Q1 2016, despite revenues remaining relatively stable, down just 0.6 percent year-over-year to $127.8 million.
Excluding earnings from discontinued operations, first-quarter profits attributable to equity holders of the company fell 12.6 percent from roughly $43 million last year.
Throughput at COSCO Ports’ terminals, on the other hand, grew 7.5 percent to 23.9 million TEUs during the first quarter.
Parent company COSCO Shipping Holdings Co., Ltd. in March reported a 9.9 billion yuan (U.S. $1.44 billion) loss for the full year in 2016, fueled by weak freight rates and restructuring costs related to the merger.
COSCO Ports Q1 profits slip despite increasing volumes
