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Cosco Pacific doubles quarterly profit

Article-Cosco Pacific doubles quarterly profit

Cosco Pacific doubles quarterly profit

Hong Kong: Cosco Pacific Ltd., Asia's third- largest container-terminal operator, more than doubled quarterly profit because of a revival in world trade.  Net income climbed to $100 million in the third quarter from $40 million a year earlier, the Hong Kong-based company said in a statement to the city's stock exchange earlier this week. Sales rose 29 percent to $107.5 million. The company handled 23 percent more containers than a year earlier as U.S. and European consumer spending rebounded from last year's global recession, stoking demand for Asian-made goods. U.S. holiday sales will likely rise 2.3 percent this year, led by purchases of clothes and electronics, according to the Washington-based National Retail Federation. ?Cosco Pacific moved 13.3 million 20-foot equivalent boxes in the third quarter. The company, controlled by China Cosco Holdings Co., owns or has stakes in more than 20 terminal operators, predominantly in China and Hong Kong. In the first nine months, total volumes rose 20 percent to 35.7 million. [28/10/10]

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