Cosco Pacific to sell logistics stake

China-based Cosco Pacific will sell its stake in Cosco Logistics to its parent company, the container terminal operator said Thursday after reporting a 32 percent drop in its profit in the first half of this year.

The unit of state-controlled China Cosco Holdings said profit for the six months ending June 30 hit $104.5 million, down from $153.2 million in the same period a year ago, on a 1.9 percent decline in revenue.

Cosco Pacific has had a 49 percent stake in the logistics venture with its parent company and will take a $102.5 million gain from the sale, the company said in a statement released at the Hong Kong stock exchange.

The company is the third-largest container terminal operator in Asia.

Source: Port News