China COSCO Shipping’s port terminal operator arm increased profits 53 percent for the quarter as throughput and revenues rose from the third quarter of 2016.
COSCO SHIPPING Ports Ltd. recorded profits attributable to equity holders of the company of $67.2 million for the third quarter of 2017, surging 53 percent from a year prior amid higher revenues and volumes, according to the company’s latest 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.
Revenues at COSCO SHIPPING Ports for the quarter ticked up 8 percent year-over-year to $155.6 million.
The company’s terminals handled 23.1 million TEUs during the quarter, up 16.6 percent year-over-year, driven by international trade growth, support from shipping alliances, and the parent company’s shipping fleet.
Throughput at Greater China Terminals totaled 18.4 million TEUs for the quarter, while throughput at overseas terminals stood at 4.7 million TEUs, up 11.3 percent and 43.5 percent year-over-year, respectively.
COSCO SHIPPING Ports thrives in Q3 2017
