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Cosco Pacific profit hit by loss of contributions from container manufacturing business

Cosco Pacific profit hit by loss of contributions from container manufacturing business
Terminal operator Cosco Pacific saw 2014 profit plunge 58% to $292.8m from $702.6 previously even though revenue rose 8.9% to $870.1m as the impact of the loss of contributions from the container manufacturing business sold off in 2013, was fully felt.

However, excluding profit from this business, net profit actually rose 2.3%.

In the individual segments, profit from the terminal business rose 18.3% in 2014 to $221m from $186.8m prviously.

Throughput at the container terminals rose 9.9% to 67.3m teu from 61.3m teu previously. Among the terminals in which Cosco Pacific had controlling stakes, Piraeus Terminal performed well, with an 18.5% rise in throughput from the year before putting in a 25.7% profit rise to S$29.0m from $23.1m previously.

The relatively new Xiamen Ocean Gate Terminal also saw improved performance, with a 32.3% rise in container throughput as a result of more shipping routes being introduced during the year, and managed to halve its losses to $6.9m from $14.1m previously.

The container leasing, management and sale business saw profit fall 23.6% to $95.8m from $125.3m previously. Fleet size as at 31 December 2014 was almost flat at 1.91m teu from 1.89m teu the year before.