COSCO Pacific 3rd quarter profit drops 32%
Chinese terminal operator COSCO Pacific saw operating profit through the first three quarters of 2009 drop 32.4 percent to $84.8 million.
In the same period, revenue dropped only 4 percent to $242.4 million. For the third quarter, operating profits fell 28.2 percent to $27.3 million, while revenue fell 8.5 percent to $83.4 million.
During the period, sizable volume losses at key Chinese container ports like Shanghai, Shenzhen and Hong Kong were offset by gains at terminals it manages in the Bohai Rim, a cluster of ports in Northeast China nearest to Beijing.
COSCO also saw 29.8 percent growth to 317,000 TEUs at its facility in Ningbo, a competitor to Shanghai, and at Nansha, a competitor to Shenzhen and Hong Kong, where volume grew 33.9 percent, to 624,000 TEUs.