Hong Kong-listed container terminal operator COSCO Pacific’s profit rose 12% year on year (y/y) to USD164.4 million in the first six months in 2015 owing to cost cuts.
The company’s cost fell 10% y/y during the same period to USD244.8 million, a stock filing of the company said on 25 August.
Revenues decreased 9% y/y to USD402.4 million in the first six months in 2015 due to a fall in revenue from container leasing business.
Related news: Privatised Piraeus port terminal hailed as success
Its equity throughput increased by 2% to 9.5 million teu. The profit in the terminal segment rose 11% y/y to USD121.2 million during the period.
As of 30 June, there are 108 berths under the company’s operating container terminals and the total annual handling capacity is 65.75 million teu, both of which were unchanged from the end of 2014.
There are currently 13 bulk cargo berths in operation, with a total annual handling capacity of 46.05 million tonnes, which were unchanged from the end of 2014.
The group’s container fleet size increased 2% y/y to 2.0 million teu as of 30 June. The average age of its container fleet is 6.8 years.
COSCO Pacific operates container terminals, including Piraeus, Greece, and Kwai Tsing in Hong Kong.
This post was sourced from IHS Maritime 360: View the original article here.