Cosco Pacific’s Profit Rises 11% on China Exports
Cosco Pacific Ltd., Asia’s third- largest container-terminal operator, boosted first-half profit 11 percent as China’s surging exports of toys, furniture and clothes fueled sea-cargo traffic.
Net income climbed to $153.2 million, or 6.8 cents a share, the company said in a Hong Kong stock exchange statement today. Profit, excluding a one-time gain, was $137.9 million a year earlier. Sales climbed 10 percent to $162.1 million.
Cosco Pacific handled 23 percent more cargo-boxes in the period helped by China’s rising trade and expansion in Egypt and Singapore. The Hong Kong-based company’s container-leasing unit also boosted profit after expanding its fleet of owned and managed boxes.
“Revenue from container ports and leasing has been rising,” said Jim Wong, a Nomura International Ltd. analyst. “New projects, including Guangzhou Nansha port and Dalian Automobile Terminal, will start making profit contributions in the second half.”
Cosco Pacific’s 20 global container-terminal ventures handled 22.1 million boxes in the first half. Volume at the 17 Chinese ventures, including ones in Hong Kong, Shanghai and Dalian, rose 15 percent to 19.7 million.
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