COSCO Pacific Bolsters Quarterly Profit by Fifth

zoomXiamen Ocean Gate Container Terminal The Hong Kong-headquartered COSCO Pacific handled 16.5 million TEUs throughout its container terminals in the first quarter of 2015, a 6.6% increase compared to 15.5 million TEUs the ports and terminals arm of the COSCO Group handled in the first three months of 2014. The improved throughput translated to a 19.7% rise in net profit for the quarter, bringing its equity holders USD 77 million. COSCO Pacific ended 1Q2014 with a USD 64.4 million net profit. The company managed to increase net profit despite an 8% decline in revenue, which stood at USD 195 million. COSCO Pacific described the performance of its container terminals in 1Q2015 as satisfactory, highlighting a 28% increase in volumes at the Xiamen Ocean Gate Container Terminal, which achieved a turnaround profit, and was one of the key drivers of the segment’s sustained profit growth. The company’s terminal companies in mainland China, Hong Kong and Taiwan handled a total of
14.1 million TEUs (corresponding period of 2014: 13.3 million TEUs), up 6.1%. COSCO Pacifics overseas terminals in Piraeus, Suez, Singapore, and Antwerp handled 9.9% more containers in 1Q2015, totalling 2.4 million TEUs for the period.