Cosco Pacific quarterly profit up 149.9pc

Hong Kong-listed Cosco Pacific third quarter net profit increased 149.9 per cent to US$100 million year on year drawn on a 29 per cent increase in revenue of US$107.46 million, according to the Shipping Gazette.
The closeness of profit and revenue figures is explained by major gains in financial investments over the period ending September 30 unrelated to operations of Cosco Pacific terminals
The company's 21 terminals worldwide handled a total of 35.75 million TEU in the first nine months of the years, up 20.2 per cent year on year. The total break-bulk cargo throughput was 17.94 million tons in the first nine months, up 42.2 per cent year on year.
In the third quarter, the company handled 13.3 million TEU, up 22.9 per cent compared to the same period last year.
Its container leasing business also prospered with average utilisation reaching a record high of 99.2 per cent in September, of 99 per cent in the third quarter, and of 96.6 per cent in the first nine months of the year.
Also, the company bought and received 93,597 new TEU for the first nine months, and 22,552 TEU were returned by Cosco Container Lines on expiry of the 10-year leases.
Its container fleet size was 1.63 million TEU in September, representing an increase of 2.6 per cent compared against the 1.59 million TEU growth in the same period last year.
Among the total fleet capacity, 49.9 per cent was owned containers, 42.9 per cent was managed containers and 7.2 per cent was sale-and-leaseback containers.

Source: Transportweekly