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Cosco Pacific sees Q1 profit rise 20% to $77m

Cosco Pacific sees Q1 profit rise 20% to $77m
Terminal operator Cosco Pacific saw first quarter net profit rise by one fifth to $77.0m from $64.3m in the previous corresponding period.

The group’s terminals business performed satisfactorily, specifically, Xiamen Ocean Gate Container Terminal, which achieved a turnaround profit, being one of the key drivers of the segment’s sustained profit growth, the company said in a stock market announcement.
Total throughput rose steadily, with a year-on-year increase of 6.6% to 16.4m teu from 15.4m teu previously. Cosco Pacific's container leasing, management and sale businesses did not fare as well however, as rates declined due to intense competition which constrained the group’s revenues from container leasing business. 

Revenues from disposal of returned containers also declined due to decreased number of disposed old containers and lower resale prices. As a result, profit from the container leasing, management and sale businesses declined from the corresponding period of 2014. 

Cosco Pacific does not give figures for individual segment performance in their quarterly figures. The overall average utilisation rate in the first quarter improved modestly to 95.4% from 94.6% in the previous corresponding quarter.