COSCO Pacific profits up sharply
COSCO Pacific Ltd., the China-based container terminal and logistics services company, said its profit for the first six months of 2005 jumped to $214.7 million from $93.1 million in the first half of 2004.
A statement from the company, which is incorporated in Bermuda, said 'focused efforts to develop the core business in recent years have paid off, resulting in a remarkable performance in the first half.'
COSCO Pacific also noted that its disposal of a 17.5 percent equity interest in Shekou Container Terminals Ltd. generated a profit of $61.8 million. In addition, its December 2004 purchase of a 16.2 percent interest in China International Marine Containers Co. Ltd. contributed $40.2 million to the company's first half net profit.