COSCO Shipping Ports record impressive 2017 performance

cosco ports

COSCO Shipping Ports’ profit attributable to equity holders reached USD512.4 million in 2017, representing an increase of 107.4% compared to a profit of USD247 million recorded in 2016.

Excluding profit after tax from one-off exceptional items in 2017 and profit in relation to discontinued container leasing, management and sale businesses in 2016, the company recorded profit attributable to equity holders of USD227 million. This represents a 25.5% increase over the previous year. 

Piraeus Container Terminal in Greece and Guangzhou South China Oceangate Container Terminal Company were the main drivers of profit with regard to companies in which the group has a controlling stake, while non-controlling terminals reported a 31.5 pct increase in profit, reaching USD241.8 million.

The Hong Kong-listed port operator handled a total of 100.2 million TEU while its revenue rose by 14.1% to USD634 million. 

COSCO Shipping Port said the impressive 2017 performance was driven by its acquisitions of terminals including a 51% stake in NPH Group in Spain and increasing equity interest in Zeebrugge Terminal, as well as taking over of 51% stake in Nantong Terminal.

The group said it plans to focus its investments in Southeast Asia, Latin America and Africa, so as to continue to extend its network of terminals.

The group’s portfolio of operated and managed assets includes 35 ports spread across Southeast Asia, Europe and the Middle East with 179 container berths.  

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