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Cosco Pacific Q1 profit drops 14%

Cosco Pacific Q1 profit drops 14%
Hong Kong: Port operator Cosco Pacific reported a fall in first quarter net profit despite a rise in revenue.

Net profit at Cosco Pacific dropped to $66.05m compared to $77.15m recorded in the same period of last year. The company blamed the fall in profit to higher operating costs and rise in income tax for some terminals in China due to the expiry of tax holiday.

Revenue at the Hong Kong-listed company, however, rose 9.8% year-on-year to $191.13m.

Cosco Pacific's total container throughput of terminals rose 10.7% year-on-year to 14,147,893 teu, while container fleet capacity increased by 5.9% to 1,872,083 teu.