Exports push up profits for COSCO
By Ding Yining |
00:21 UTC+8 August 25, 2011
|
Print Edition
Print Edition
COSCO Pacific, part of China's biggest shipping group, reported booming first-half profits on the back of a rebound in exports.
The port operator said yesterday net income in the six months to June 30 climbed 25 percent from a year ago to US$237 million, or 8.7 cents a share.
China's exports stood at US$874.3 billion in the first half of the year, a 24 percent increase over the same period last year.
The company said it expects "a steady growth of container throughput in the second half" and terminal companies will continue to drive growth.
Container terminals owned by COSCO handled 20 percent more containers as China's exports to the US and Europe climbed.
Song Ran, an analyst with Guotai Junan International, said yesterday: "Profit from port terminals will continue to climb as throughput rebounds."
COSCO has stakes in container terminals on Chinese mainland, and in Hong Kong, Singapore, Belgium, Egypt and Greece.
The port operator said yesterday net income in the six months to June 30 climbed 25 percent from a year ago to US$237 million, or 8.7 cents a share.
China's exports stood at US$874.3 billion in the first half of the year, a 24 percent increase over the same period last year.
The company said it expects "a steady growth of container throughput in the second half" and terminal companies will continue to drive growth.
Container terminals owned by COSCO handled 20 percent more containers as China's exports to the US and Europe climbed.
Song Ran, an analyst with Guotai Junan International, said yesterday: "Profit from port terminals will continue to climb as throughput rebounds."
COSCO has stakes in container terminals on Chinese mainland, and in Hong Kong, Singapore, Belgium, Egypt and Greece.
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