Net profit of Cosco Shipping Ports decreased by 43% in 2017

Cosco shipThe net profit of Cosco Shipping Ports decreased by 43% in 2017 and amounted to 247 million USD. Despite of the sharply decreasing net profit, the revenues of the port operator rose by 1.1% to 556.4 million USD. the terminal business of the group suffered from the slowed growth of the world economy and the port industry, as well as the reduction in China’s foreign trade. Cosco Shipping Ports reported that profitability for gross profit decreased by 0.4%, to 35.8% due to increased costs.

The profit from terminal operations for the past year decreased by 15%, to 242.9 million USD. Partly, such a significant decrease was due to write-off of losses from operations in Qinhuangdao Port, which amounted to 19.8 million USD. Without these losses, the terminal business revenue decreases by 8% to 262.7 million USD.

The total container turnover of terminals in the investment portfolio of the group by the results of 2016 amounted to 95.1 million TEU, which is 5.1% more than a year ago. The turnover of terminals controlled by CSP increased by 5% to 29.5 million TEU.

Cosco Shipping Ports headquartered in Hong Kong, is a subsidiary and listed company of China Cosco owned by Cosco Group. It is mainly engaged in container terminal operations, container manufacturing and leasing, shipping agency and freight forwarding.