(Bloomberg) — Cosco Pacific Ltd., the container terminal operator of China’s biggest shipping company, reported a 30 percent increase in profit last year after the company wrote back a provision it made earlier.
Net income rose to $382 million from $293 million a year earlier, the company said in a statement to the Hong Kong stock exchange Tuesday. That beat the $300 million average estimate of 12 analysts compiled by Bloomberg. Sales dropped 8.3 percent to $798.2 million, lagging behind an estimate for $825 million.
Cosco Pacific wrote back provisions of $79.2 million from the sale of its 21.8 percent stake in China International Marine Containers (Group) Co. in 2013, helping lift net income. China reorganized its two biggest marine groups — China Ocean Shipping Group and China Shipping Group — as part of the government’s efforts to overhaul inefficient state-run companies and bolster an economy that’s growing at its slowest pace in decades.
Cosco Pacific’s terminals handled 19.3 million 20-foot containers last year, 1.1 percent more than in 2014, according to the statement. The company, which operates most of its container terminal business in China, signed an agreement with PSA International for an investment in Singapore Monday.
The company’s shares fell 1.3 percent to HK$8.88 as of the midday trading break in Hong Kong Tuesday. The shares have gained 4 percent this year.
Cosco Pacific said revenue from the terminals businesses fell by 5.8 percent to $487 million mainly due to the depreciation of the euro and the renminbi against the dollar.
SINGAPORE, April 24 (Reuters) – Demand for liquefied natural gas (LNG) to power ships will rise this year on attractive prices, while more dual-fuel vessels join the global fleet, industry executives said....
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
April 19, 2024
Total Views: 2193
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.