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Cosco Shipping Ports reports strong financial results

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SHANGHAI : Cosco Shipping Ports has achieved increased profits and revenues for both the third quarter and the first nine months of the year.

In particular, the company’s gross profit increased to US$225.8 million by the start of the year until 30 September, marking a massive year-on-year growth of 33.1%. At the same time, gross profit for 2021 third quarter increased by 9.9% YoY to US$77.5 million.

Additionally, Cosco’s subsidiary reported revenues of US$295.8 million for the third quarter of the year and US$860.6 million for the first nine months of 2021, marking YoY increases of 9.5% and 19.1% YoY.

At the same time, the total throughput of Cosco Shipping Ports for 2021Q3 was 33.72 million TEU, achieving a slight increase of 0.8% YoY, while the company’s total throughput for the first three quarters of the year has been boosted by 5.9% YoY to 96.43 million TEU.

“The profitability of terminals in the third quarter continues to improve in which the Group has controlling stakes which showcases Cosco Shipping Ports positive achievements in reducing cost, increasing revenue, as well as improving quality and efficiency,” commented the second largest container port and terminal operator.

The Chinese company stated it will further emphasise “cost per TEU” in terminal operation and management, formulate feasible, systematic and effective cost control measures with a clear target to enhance its sales and marketing sectors and continue to improve its financial performance.

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