COSCO Pacific Ltd reported a 17.4 pct year-on-year drop in third-quarter net profit due to absence of a one-off accounting gain which boosted the year-earlier earnings.
The mainland-based ports operator said it posted a net profit of 77.66 mln usd in the third quarter against 94.0 mln a year earlier, while revenue rose 20 pct to 91.23 mln usd
Stripping out a revaluation gain of 27.6 mln usd from a unit's derivatives arrangement in the third quarter of 2007, core net earnings in the third quarter of 2008 were up 17 pct on stronger cargo throughput in its terminals, the company said.
For the nine months ended September, net profit was 230.82 mln usd, down 4.8 pct from 242.51 mln in the corresponding period in 2007.
Stripping out a 38.24 mln usd revaluation gains from the derivatives arrangement, net earnings for the nine-month period should be up 13 pct year-on-year, the company said.
Revenue for the nine months amounted to 253.30 mln usd, up from 223.33 mln a year earlier.
For the three months ended September, total container throughput handled by the group's terminals reached 12.17 mln twenty-foot equivalent units (TEUs), up 19.5 pct year-on-year, while total break-bulk cargo throughput reached 3.70 mln tons, up 62.7 pct.
For the first nine months, total container throughput was 34.26 mln TEUs, up 21.5 pct, while total break-bulk cargo throughput stood at 10.27 mln tons, up 84.5 pct.
Earnings per share (EPS) for the third quarter stood at 3.46 US cents, down from 4.19 cents a year earlier, while EPS for the nine months to September was 10.28 US cents, against 10.83 cents.
Shares of COSCO Pacific closed the morning session up 0.14 hkd or 3.5 pct at 4.19.
The mainland-based ports operator said it posted a net profit of 77.66 mln usd in the third quarter against 94.0 mln a year earlier, while revenue rose 20 pct to 91.23 mln usd
Stripping out a revaluation gain of 27.6 mln usd from a unit's derivatives arrangement in the third quarter of 2007, core net earnings in the third quarter of 2008 were up 17 pct on stronger cargo throughput in its terminals, the company said.
For the nine months ended September, net profit was 230.82 mln usd, down 4.8 pct from 242.51 mln in the corresponding period in 2007.
Stripping out a 38.24 mln usd revaluation gains from the derivatives arrangement, net earnings for the nine-month period should be up 13 pct year-on-year, the company said.
Revenue for the nine months amounted to 253.30 mln usd, up from 223.33 mln a year earlier.
For the three months ended September, total container throughput handled by the group's terminals reached 12.17 mln twenty-foot equivalent units (TEUs), up 19.5 pct year-on-year, while total break-bulk cargo throughput reached 3.70 mln tons, up 62.7 pct.
For the first nine months, total container throughput was 34.26 mln TEUs, up 21.5 pct, while total break-bulk cargo throughput stood at 10.27 mln tons, up 84.5 pct.
Earnings per share (EPS) for the third quarter stood at 3.46 US cents, down from 4.19 cents a year earlier, while EPS for the nine months to September was 10.28 US cents, against 10.83 cents.
Shares of COSCO Pacific closed the morning session up 0.14 hkd or 3.5 pct at 4.19.