COSCO Shipping Ports boosts first quarter profits with flat container volumes

SHANGHAI : Cosco Shipping Ports achieved a year-on-year increase of 11.2% in its gross profit for the first quarter of the year, reaching US$89.9 million. At the same time, the company’s Q1 revenue decreased by 0,5% year-on-year, falling to US$328 million.

For the same period, the Chinese port and terminal operator reported a total container throughput of 30,305,420 TEUs, retaining steady box volumes with the first quarter of the last year.

Additionally, for the three months ended on 31 March 2023, the total throughput of the terminals in China increased by 0.6% year-on-year to 22,650,786 TEUs and accounted for 74.7% of the Group’s total.

Also, during this period, the total throughput of the overseas region slightly decreased by 1.5% year-on-year to 7,654,634 TEUs and maintained a steady trend in general, accounting for 25.3% of the Group’s total with its second largest share of total throughput within the Group’s portfolio.