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Cosco Pacific Q1 profit up 31% to $83m on extraordinaries

Cosco Pacific Q1 profit up 31% to $83m on extraordinaries
Cosco Pacific reported first quarter net profit of $109.1m a rise of 31.4% from $83.0m in the previous corresponding quarter but this was on the back of a $59m gain from the disposal of all the shares in Florens Container Holdings.

Without the extraordinary gain profit actually fell by a quarter to $42.0m from $57.9m previously, the group said in a stock market announcement.

The group’s total container throughput of its terminals business grew by 2.9% year-on-year to 22.2m teu as uncertain global economic outlook and negative growth in China’s foreign trade put downward pressure to the group’s container terminals business.Cosco Pacific's terminal companies in mainland China, Hong Kong and Taiwan handled a total of 19,1m teu almost flat from the previous year.

The group’s terminal companies in mainland China handled a total of 18.2m teu but the throughput at overseas terminals rose by 22.8% to 3.1m teu from 2.5m teu previously.