COSCO Pacific first half profit slides 34%
Container terminal operator COSCO Pacific said its operating profit dipped 34.3 percent to $57.5 million in the first half of 2009.
The company's revenue slid 1.9 percent to $159 million in the same period, while container throughput at the 20 global terminals in which the company has a stake was down 8.5 percent to 20.2 million TEUs.
COSCO Pacific, a Hong Kong-based subsidiary of Beijing-based and state-owned China COSCO, not only manages terminals but also has container manufacturing and leasing sales units.
Also on Friday, COSCO Pacific said its CP Logistics subsidiary sold a 49 percent stake in COSCO Logistics to the group parent company, China COSCO, for $292 million.
COSCO Pacific said the move would allow the company to focus on its terminal operation activities.
'Since the cargo terminal services of COSCO Logistics are different from the container terminal services of (COSCO Pacific) and the historical share of revenue of COSCO Logistics was insignificant when compared to the consolidated revenue of (COSCO Pacific), the investment in the 49 percent equity interest in COSCO Logistics is no longer a strategic business unit of (COSCO Pacific),' the company said. 'The transaction allows (COSCO Pacific) to concentrate its resources on the development of its terminal businesses.'
COSCO Pacific first half profit slides 34%
