Cosco Pacific 3Q net profit down 48% to US$40.03 mln
Ports operator Cosco Pacific Ltd. said Wednesday its third-quarter net profit fell 48% from a year earlier, as a slowdown in Chinese exports continued to weigh on the company's profitability.
Net profit for the three months ended Sept. 30 totaled US$40.03 million, down from US$77.66 million a year earlier.
Revenue fell 9% to US$83.45 million from US$91.23 million.
For the nine months ended September, Cosco Pacific's net profit was US$144.53 million, down 37% from US$230.82 million a year earlier.
Cosco Pacific, a unit of state-controlled shipping giant China Cosco Holdings Ltd. , said its port-handling throughput fell 7.0% to 31.86 million 20-foot equivalent units, or TEUs, from 34.26 million TEUs a year earlier.
Cosco Pacific, which has stakes in container terminals in mainland China, Hong Kong, Singapore, Belgium, Egypt, and Greece, said earlier it planned to cut capital expenditure this year and would stop looking at new port investments to conserve cash during the global economic slump.
Net profit for the three months ended Sept. 30 totaled US$40.03 million, down from US$77.66 million a year earlier.
Revenue fell 9% to US$83.45 million from US$91.23 million.
For the nine months ended September, Cosco Pacific's net profit was US$144.53 million, down 37% from US$230.82 million a year earlier.
Cosco Pacific, a unit of state-controlled shipping giant China Cosco Holdings Ltd. , said its port-handling throughput fell 7.0% to 31.86 million 20-foot equivalent units, or TEUs, from 34.26 million TEUs a year earlier.
Cosco Pacific, which has stakes in container terminals in mainland China, Hong Kong, Singapore, Belgium, Egypt, and Greece, said earlier it planned to cut capital expenditure this year and would stop looking at new port investments to conserve cash during the global economic slump.