The container shipping arm of COSCO reports an 8% increase in volume.
China COSCO Holdings Co. has reported a profit of 1.97 billion RMB ($322 million) for the third quarter, compared with a 737 million RMB loss in the third quarter of last year.
COSCO said it had revenue of 17.5 billion RMB during the third quarter, compared with 15.9 billion RMB in the same period a year earlier.
During the third quarter, COSCO’s container shipping volume was 2.5 million TEUs, 8.2-percent more than the corresponding period last year.
In the first three quarters, revenue from container shipping and related business increased by 10.5 percent to about 35 billion RMB. Total revenue, including contributions from terminal and dry bulk shipping, was 47.4 billion RMB in the first nine months of the year.
As of Sept. 30, COSCO was operating 185 container vessels with capacity of 906,028 TEUs and had 10 ships on order, which will add 117,960 TEUs.
COSCO reports $322 million profit in Q3
