China COSCO earnings soar
China COSCO Holdings Co. said third quarter net profit attributable to equity holders quadrupled to 2.11 billion yuan ($316 million) compared to the third quarter of 2009.
Revenue for the quarter ended Sept. 30 increased 34.2 percent to 21.55 billion yuan ($3.2 billion), while container revenue climbed 84.7 percent to 11.55 billion yuan ($1.7 billion).
Container shipping volume reached 1.66 million TEUs, up 16.1 percent over the same period of last year.
The company’s fleet of 149 container vessels has shipping capacity of 606,213 TEUs. The group had 39 containerships on order with a total shipping capacity of 322,021 TEUs.
China COSCO's dry bulk shipping business decreased 6 percent to 68.2 million tons.
Its logistics business saw volumes of home appliances and chemical logistics achieve significant growth.
Terminal operations had container throughput of 13.32 million TEUs in the quarter, a 22.9 percent increase from the same period of last year.