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COSCO SHIPPING Ports announces 3rd quarter results

COSCO SHIPPING Ports announces 3rd quarter results
COSCO SHIPPING Ports Limited (“COSCO SHIPPING Ports” or “CSP” or the “Company”) announced third quarter results of the Company and its subsidiaries (the “Group”) for the three months ended 30 September 2019.

2019 Third Quarter Results Highlight

  • Revenue was US$254.7million, +0.7%yoy
  • Gross profit was US$66.6million, -12.1%yoy
  • Share of profits from JV and associates was US$71.3million, +2.7%yoy
  • Net Profit was US$71.8 million, -4.4%yoy

2019 9 Months Results Highlight

  • Revenue was US$772.6million, +3.2%yoy
  • Gross profit was US$220million, -5.7%yoy
  • Share of profits from JV and associates was US$215.9million, -2.5%yoy
  • Net Profit was US$219.6 million, -10%yoy

OPERATIONAL REVIEW

2019 Third Quarter

  • Total throughput was 32,405,006 TEU, +5.2% yoy
  • Total throughput from subsidiaries was 6,565,154 TEU, +13.1% yoy
  • Total equity throughput was 10,344,892 TEU, +7.8% yoy

2019 9 months

  • Total throughput was 92,169,106 TEU, +5.3% yoy
  • Total throughput was 19,010,487 TEU, +14% yoy
  • Total equity throughput was 29,692,195 TEU, +7.7%

Greater China
For the three months ended 30 September 2019, throughput of the Greater China region increased by 3.2% to 25,208,454 TEU (3Q2018: 24,416,119 TEU), accounting for 77.8% of the Group’s total throughput.

Bohai Rim
During the quarter, throughput of the Bohai Rim region increased by 4.4% to 10,634,378 TEU (3Q2018: 10,181,807 TEU), accounting for 32.8% of the Group’s total throughput. Throughput of QPI increased by 8.6% to 5,390,000 TEU (3Q2018: 4,964,700 TEU). During the period, repositioning of several ports by Liaoning Port Group upon its consolidation has resulted in the business diversion of domestic trade of Dalian Container Terminal Co., Ltd.(“Dalian Container Terminal”) and a decrease in business volume. As such, throughput of Dalian Container Terminal declined by 16.3% to 2,306,455 TEU (3Q2018: 2,755,434 TEU).

Yangtze River Delta
Throughput of the Yangtze River Delta region increased by 3.1% to 5,287,580 TEU (3Q2018: 5,126,603 TEU), accounting for 16.3% of the Group’s total throughput. Throughput of Shanghai Pudong International Container Terminals Limited increased by 0.1% to 684,164 TEU (3Q2018: 683,401 TEU). Throughput of Shanghai Mingdong Container Terminals Limited decreased by 0.4% to 1,612,428 TEU (3Q2018: 1,618,140 TEU).

Southeast Coast and Others
Throughput of the Southeast Coast region increased by 0.5% to 1,453,456 TEU (3Q2018: 1,446,481 TEU), accounting for 4.5% of the Group’s total throughput. Benefiting from the support from shipping alliances, throughput of Xiamen Ocean Gate Container Terminal Co., Ltd. increased by 14.7% to 545,518 TEU (3Q2018: 475,489 TEU).

Pearl River Delta
Throughput of the Pearl River Delta region increased by 1.1% to 7,399,838 TEU (3Q2018: 7,320,160 TEU), accounting for 22.9% of the Group’s total throughput. Benefiting from the support from shipping alliances, throughput of Guangzhou South China Oceangate Container Terminal Company Limited (“Guangzhou South China Oceangate Terminal”) increased by 7.9% to 1,488,139 TEU (3Q2018: 1,378,788 TEU).

Southwest Coast
Throughput of the Southwest Coast region increased by 27.0% to 433,202 TEU (3Q2018: 341,068 TEU), accounting for 1.3% of the Group’s total throughput.

Overseas Regions
Throughput of the overseas region increased by 12.9% to 7,196,552 TEU (3Q2018: 6,376,429 TEU), accounting for 22.2% of the Group’s total throughput.

Supported by increased calls by the OCEAN Alliance and THE Alliance, throughput of Piraeus Container Terminal S.A. in Greece increased by 15.1 % to 1,342,395 TEU (3Q2018: 1,165,918 TEU). Impacted by unfavorable weather, throughput of CSP Spain group and its subsidiaries decreased by 6.1% to 886,065 TEU (3Q2018: 943,571 TEU). With two new berths added in January 2019 in response to increasing regional demand, throughput of COSCO-PSA Terminal Private Limited in Singapore surged by 59.8% to 1,259,427 TEU (3Q2018: 788,337 TEU).

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