COSCO Pacific profits up despite lower revenues

The port terminal operator reported 10.5% growth in operating profits despite an 8.3% dip in revenues for first quarter 2015.    COSCO Pacific Limited increased operating profits 10.5 percent to $58.52 million in the first quarter of 2015 compared to the first quarter of 2014, according to a statement from the company. The port terminal operator had combined revenues of $194.84 million for the quarter, an 8.3 percent decrease from the same period the previous year.
   According to COSCO Pacific’s most recent financial statements, the company increased profit attributable to equity holders of the company 19.7 percent year-over-year to $76.99 million.
   The total throughput of the company’s terminals showed steady growth in the first quarter, increasing 6.6 percent to 16.47 million TEUs compared to the first quarter of 2014. COSCO Pacific said its Xiamen Ocean Gate Container Terminal Co., Ltd. showing a profit was one of the key drivers of the segment’s growth.
   The group’s terminal companies in mainland China, Hong Kong and Taiwan handled a total of 14.07 TEUs, 6.1 percent more than the same period the previous year. Its terminal in mainland China alone accounted for just over 13 million TEUs, a 3.8 percent year-over-year increase.
   Profits from COSCO Pacific’s container leasing, management and sale businesses declined as well, despite a 0.5 percent increase in the group’s container fleet.