Chinese ports investor Cosco Pacific Ltd. (1199.HK) said Wednesday first-quarter net profit fell 29% from a year earlier, dragged down by a smaller contribution from container-manufacturing activities, Dow Jones Newswires reports.
Cosco Pacific, a unit of shipping company China Cosco Holdings Ltd. (1919.HK), said net profit for the three months ended March 31 was US$77.15 million, down from US$109.01 million, according to international accounting standards.
Revenue increased 34% to US$174.03 million from US$130.34 million.
Profit contribution from its container-manufacturing business fell 79% to US$9.12 million from US$43.88 million a year earlier, it said.
However, Cosco Pacific, which has stakes in container terminals in mainland China, Hong Kong, Singapore, Belgium, Egypt and Greece, said port-handling throughput in the quarter increased 11.5% to 12.78 million 20-foot equivalent units, or TEUs, from 11.46 million TEUs.
Cosco Pacific, a unit of shipping company China Cosco Holdings Ltd. (1919.HK), said net profit for the three months ended March 31 was US$77.15 million, down from US$109.01 million, according to international accounting standards.
Revenue increased 34% to US$174.03 million from US$130.34 million.
Profit contribution from its container-manufacturing business fell 79% to US$9.12 million from US$43.88 million a year earlier, it said.
However, Cosco Pacific, which has stakes in container terminals in mainland China, Hong Kong, Singapore, Belgium, Egypt and Greece, said port-handling throughput in the quarter increased 11.5% to 12.78 million 20-foot equivalent units, or TEUs, from 11.46 million TEUs.