Cosco Shipping Ports Limited today announced third quarter results of the Company and its subsidiaries for the three months ended 30 September 2019.
2019 Third Quarter Results Highlight
Revenue was US$254.7million, +0.7%yoy
Gross profit was US$66.6million, -12.1%yoy
Share of profits from JV and associates was US$71.3million, +2.7%yoy
Net Profit was US$71.8 million, -4.4%yoy
2019 9 Months Results Highlight
Revenue was US$772.6million, +3.2%yoy
Gross profit was US$220million, -5.7%yoy
Share of profits from JV and associates was US$215.9million, -2.5%yoy
Net Profit was US$219.6 million, -10%yoy
Greater China
For the three months ended 30 September 2019, throughput of the Greater China region increased by 3.2% to 25,208,454 TEU (3Q2018: 24,416,119 TEU), accounting for 77.8% of the Group’s total throughput.
Bohai Rim
During the quarter, throughput of the Bohai Rim region increased by 4.4% to 10,634,378 TEU (3Q2018: 10,181,807 TEU), accounting for 32.8% of the Group’s total throughput. Throughput of QPI increased by 8.6% to 5,390,000 TEU (3Q2018: 4,964,700 TEU). During the period, repositioning of several ports by Liaoning Port Group upon its consolidation has resulted in the business diversion of domestic trade of Dalian Container Terminal Co., Ltd. (“Dalian Container Terminal”) and a decrease in business volume. As such, throughput of Dalian Container Terminal declined by 16.3% to 2,306,455 TEU (3Q2018: 2,755,434 TEU).
Southwest Coast
Throughput of the Southwest Coast region increased by 27.0% to 433,202 TEU (3Q2018: 341,068 TEU), accounting for 1.3% of the Group’s total throughput.
Overseas Regions
Throughput of the overseas region increased by 12.9% to 7,196,552 TEU (3Q2018: 6,376,429 TEU), accounting for 22.2% of the Group’s total throughput.
Supported by increased calls by the OCEAN Alliance and THE Alliance, throughput of Piraeus Container Terminal S.A. in Greece increased by 15.1 % to 1,342,395 TEU (3Q2018: 1,165,918 TEU). Impacted by unfavorable weather, throughput of CSP Spain group and its subsidiaries decreased by 6.1% to 886,065 TEU (3Q2018: 943,571 TEU). With two new berths added in January 2019 in response to increasing regional demand, throughput of COSCO-PSA Terminal Private Limited in Singapore surged by 59.8% to 1,259,427 TEU (3Q2018: 788,337 TEU).
Outlook
Looking forward to the fourth quarter this year, despite the fact that challenges do remain in the global macro-economy, as one of the world’s largest ports operators, COSCO SHIPPING Ports will continue to leverage on the synergies with the OCEAN Alliance and our parent company, seize opportunities to cooperate with major shipping companies and ports companies to keep boosting throughput. The Company will remain committed to building its global terminal network and searching for opportunities to acquire overseas terminals in line with the Board’s established plan, so as to provide more efficient and comprehensive services to meet the needs of the shipping alliances. Meanwhile, the Group is committed to ramping up its profitability and actively optimise shareholder return.
