COSCO Pacific earnings up 17%

Terminal company COSCO Pacific reported first quarter net profit of $67.4 million compared to $57.8 million in the same 2007 period, a 17 percent increase.

The first quarter results include $44.1 million from jointly controlled entities and associates compared to $42.8 million in the same 2007 quarter.

Revenue for the quarter was $73.6 million up from $65 million in the first quarter of 2006.

COSCO Pacific terminals handled 10.4 million TEUs in the first quarter, 22 percent more than in the same 2007 period. About 8.9 million of that total was at terminals in mainland China. The company is also involved in terminals in Antwerp, at the Suez Canal and in Singapore.

The company also operates a container fleet of 1.6 million TEUs, 34 percent of which are used by COSCO Container Lines. 

Source: American Shipper