Cosco Pacific first-quarter net income down 34%

Hong Kong-listed port operator Cosco Pacific Ltd.said Wednesday its net income for the first quarter fell 34%, as the global economic slump led to an 8% drop in cargo traffic. Net profit fell to $43.4 million from $65.8 million a year earlier. Revenue, however, rose 2.6% to $75.44 million from $73.56 million. Cosco, a unit of state-owned shipping group Cosco Holdings Ltd., said container volumes fell 8% overall. It said the declines were sharpest in its Singapore and Belgium operations.