WASHINGTON: Cosco Shipping Ports saw third quarter profits fall 52% to $43.9m from $91.5m previously, as the gains from the sale of its container leasing unit were not able to make for the loss of income from it, the group said in a stock market announcement. For the first nine months, net profit decreased by 23% to $215.8m from $278.7m previously. During the same period, the container throughput growth of the group’s terminals business decelerated due to sluggish global economic growth and negative growth in China’s foreign trade, the company explained.
Total throughput rose 4.7% to 24.2m teu and 3.9% to 70.2m teu from 23.1m teu and 67.6m teu in the third quarter and first nine months of the year respectively from the previous corresponding respective periods. Equity throughput at ports which the group has stakes in including overseas non-China ports increased 5.3% to 7.5m teu and 4.6% to 21.8m teu from 7.1m teu and 20.9m teu in the third quarter and first nine months respectively.
