COSCO Pacific H1 profit up 81.7%
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COSCO Pacific said on Tuesday its profit in the first half of this year rose by 81.7 percent to 190 million U.S. dollars from a year earlier.
In a filing to the Hong Kong stock exchange, COSCO Pacific said revenue increased by 40.0 percent to 222.66 million. The container throughput increased by 18.7 percent to 22.43 million TEUs (Twenty Equivalent Unit) over the same period of last year.
Driven by the economic recovery, COSCO Pacific showed a growth in its terminal and container leasing businesses in the first half of the year. However, some of the terminals were still in their early phases of ramping up and resulting in initial losses, according to their statement.
During the first half of the year, long term leases contributed 92.5 percent of the Group's container leasing income. It is expected that the overall utilization rate will remain high in the second half of this year, they said.
