COSCO SHIPPING Ports has announced its interim results for the six months ended 30 June 2023, highlighting that total throughput increased by 2.2% YoY to 64,572,872 TEU and equity throughput increased by 1.3% YoY to 20,751,365 TEU.
Revenue decreased by 2.2% YoY to $688.9 million. Gross profit decreased by 2.0% YoY to $193.8 million.
“In the first half of 2023, amidst a difficult and complicated external environment, continuous tightening of monetary policies in various countries, hiking interest rate, persistently high inflation and many other challenges, COSCO SHIPPING Ports continued to further implement its strategy of lean operations, focusing on improving quality and efficiency as well as controlling costs in terminal operations and management,” said the company in a statement.
During the period, total throughput of terminals in China increased by 2.4% YoY to 48,703,766 TEU (1H2022: 47,562,593 TEU), and accounted for 75.4% of the group's total throughput.
Total throughput of the Bohai Rim region increased by 8.4% YoY to 22,515,008 TEU (1H2022: 20,767,708 TEU), accounted for 34.9% of the group's total throughput, which is the region with the largest share of total throughput in the group's portfolio. Dalian Container Terminal total throughput increased by 20.6% YoY to 2,255,129 TEU (1H2022: 1,869,273 TEU), benefiting from the growth of new routes.
Total throughput of the Yangtze River Delta region increased by 8.9% YoY to 7,059,244 TEU (1H2022: 6,483,243 TEU), accounted for 10.9% of the group's total throughput.
Total throughput in the Southeast Coast and others region decreased by 15.3% YoY to 2,777,699 TEU (1H2022: 3,280,185 TEU), accounted for 4.3% of the group's total throughput.
Total throughput of the Pearl River Delta region decreased by 8.1% YoY to 12,744,315 TEU (1H2022: 13,866,357 TEU), accounted for 19.7% of the group's total throughput.
Total throughput in the Southwest Coastal region increased by 14.0% YoY to 3,607,500 TEU (1H2022: 3,165,100 TEU), the fastest-growing region in terms of total throughput within the group's portfolio, accounted for 5.6% of the group's total throughput, which is an ever-increasing share.
Total throughput from overseas increased by 1.4% YoY to 15,869,106 TEU (1H2022: 15,647,737 TEU), which was overall quite stable and accounted for 24.6% of the group's total throughput, making it the second largest region in the group's portfolio in terms of total throughput.