COSCO Pacific profits up across divisions

COSCO Pacific profits up across divisions    Hong Kong-based global terminal operator and container leasing company COSCO Pacific said Wednesday all its division made sizable profit gains in 2010.
   COSCO's terminal operating division made $119.8 million in 2010, a 43.5 percent increase, on revenue that grew 63.5 percent to $195.6 million.
   Volume at terminals in which COSCO owns a stake rose 19.4 percent to 48.5 million TEUs. Throughput, when measured by COSCO's equity stake in those terminals, rose 29.3 percent to 12.2 million TEUs, helped by the opening of a new COSCO terminal in Piraeus, Greece, and a 10 percent equity purchase an existing terminal in Yantian.
   COSCO's container leasing division's profit increased 35 percent to $96.4 million, helped by strong demand for containers. The company said its container fleet grew 3.1 percent in 2010 to 1.6 million TEUs, while fleet utilization rose 6.7 percent to 97.3 percent. COSCO's container manufacturing division saw profit skyrocket 197.5 percent to $91.8 million.
   The company only provided gross profits in their announcement Wednesday. AmericanShipper.com typically uses operating profit as its financial measure.