Excluding one-offs, net profit increases 70.1 percent in tough environment.
COSCO SHIPPING Ports Ltd. recorded a profit attributable to equity holders of the company of $169 million for the first six months of 2018, down 56.1 percent from the corresponding 2017 period, according to the global port operator’s latest financial statements.
Excluding one-off effects from completions of the subscription of non-circulating domestic shares in Qingdao Port International Co. Ltd. and the disposal of equity interests in Qingdao Qianwan Container Terminal Co. Ltd., adjusted net profit attributable to equity holders of the company of $169 million for the first six months of 2018 was up 70.1 percent year-over-year.
Revenues came in at $495.5 million, up 79.7 percent from the first six months of 2017.
COSCO SHIPPING Ports managed to increase throughput 26.5 percent year-over-year for the first six months of 2018, handling 56.7 million TEUs — 44.6 million TEUs from the Greater China region and 12.1 million TEUs from overseas terminals
“2018 is a year full of challenges,” COSCO SHIPPING Ports said. “Sino-U.S. trade frictions, the rise of trade protectionism, geopolitical uncertainties and the upward trend of interest rates have the potential to place serious pressure on the development of global trade.
“Looking ahead, challenges remain in the second half of 2018 with various uncertainties,” the company said, adding, “Sino-U.S. trade frictions, particularly, may negatively impact economic growth.”
However, the company said that “with a solid foundation laid,” it remains “cautiously positive,” adding that it will continue to grow its capacity with the ongoing support from the OCEAN Alliance — comprised of COSCO, CMA CGM, APL, OOCL and Evergreen — and the synergies with its parent company. The controlling shareholder of COSCO SHIPPING Ports is COSCO SHIPPING Holdings Co. Ltd., with the parent company China’s COSCO Shipping Corporation Ltd.
COSCO Ports revenues jump
