Hong Kong-based port operator COSCO Shipping Ports said that it 2017 profits have more than doubled from a year earlier, partly due to a one-off disposal gain and higher operating profits.
The subsidiary and listed company of China COSCO owned by COSCO Group said that its profit reached USD 512.4 million in 2017, representing an increase of 107.4 pct compared with 2016 when the profit stood at USD 247 million. The firm's full year revenue rose 14% to US$634.7 million.
Benefitting from the economic recovery and with growth fueled by its acquisitions, the Group has achieved promising results for the year, with total throughput of 100,202,185 TEU.
During the year, it completed the acquisition of a 51% equity interest in Noatum Port Holdings S.L. in Spain, including its two container terminals and two railway companies (collectively the NPH Group), the acquisition of additional equity interest in APM Terminals Zeebrugge NV (now known as CSP Zeebrugge Terminals NV) in Belgium, which became a wholly-owned subsidiary of the Company, the acquisition of a 51% equity interest in Nantong Tonghai Port and a 70% equity interest in Wuhan Yangluo Jiutong Port Services Limited (now known as CSP Wuhan Company) and the integration project of Dalian Container Terminal (DCT), where DCT completed the merger with Dalian Port Container Terminal (DPCT) and Dalian International Container Terminal (DICT) in October 2017, and COSCO SHIPPING Ports completed the strategic disposal of its equity interests in DPCT and DICT.
Profit from terminal companies in which the Group has controlling stakes was mainly attributable to Piraeus Container Terminal in Greece and Guangzhou South China Oceangate Container Terminal.
In January 2018, a new berth was added to COSCO-PSA Terminal in Singapore, together with two large berths replaced in January 2017. Currently, the terminal operates three large container berths in Pasir Panjang Port, the total quay length is 1,200 metres.