Cosco Pacific first-quarter net income down 34%

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Apr 2009

The board of directors of COSCO Pacific Limited (the “Company”) presents the unaudited consolidated results of the Company and its subsidiaries (the “Group”) for the three months ended 31st March 2009. Results Highlights The global recession triggered a decline in container traffic for the first three months of 2009 which inevitably resulted in a significant impact on the Group’s core businesses. During the period, the profit attributable to equity holders of the Company decreased by 34.1% when compared with the corresponding period last year to US$43,397,000.
Operational Highlights
Terminals
For the three months ended 31st March 2009, total throughput handled by the Group’s terminal companies reached 9,566,369 TEUs (corresponding period of 2008: 10,396,235 TEUs), a decrease of 8.0% when compared with the corresponding period last year. For the three months ended 31st March 2009, throughput of the container terminals in Bohai Rim, Yangtze River Delta, Pearl River Delta and Southeast Coast, and Overseas were 4,054,006 TEUs (corresponding period of 2008: 4,069,408 TEUs), 1,910,891 TEUs (corresponding period of 2008: 2,129,128 TEUs), 2,727,701 TEUs (corresponding period of 2008: 3,109,485 TEUs) and 873,771 TEUs (corresponding period of 2008: 1,088,214 TEUs) respectively, representing a decrease of 0.4%, 10.3%, 12.3% and 19.7% respectively when compared with the corresponding period last year.
Container Leasing, Management and Sale
As at 31st March 2009, the Group operated and managed a container fleet of 1,615,202 TEUs (as at 31st March 2008: 1,605,762 TEUs), representing an increase of 0.6% over the corresponding period last year. Among the total fleet capacity, 46.2% (corresponding period of 2008: 52.0%) was owned containers, 46.5% (corresponding period of 2008: 48.0%) was managed containers and 7.3% (corresponding period of 2008: nil) was sale-and-leaseback containers. The overall average utilisation rate for the three months ended 31st March 2009 was 91.3% (three months ended 31st March 2008: 94.9%).

Source: Cosco Pacific