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Cosco Shipping Ports sees H1 profit down 8%

Cosco Shipping Ports sees H1 profit down 8%
China-focussed ports group Cosco Shipping Ports, has reported an 8% drop in first half net profit to $171.9m from $187.2m in the previous corresponding period as a sluggish global economic recovery and negative growth in China's foreign trade put pressure on it’s container terminals business.

As a result of this pressure revenues fell 0.6% to $275.0m from $276.5m previously.

However, included in the results was a $59m extraordinary gain from the disposal of its container leasing business. Without this, net profit have fallen 23% to $105.9m.

Piraeus Terminal and Guangzhou South China Oceangate Terminal were the group's best performers, recording significant growth in both revenues and throughput.

During the period, the throughput of Piraeus Terminal rose14%  to 1.7m from 1.5m teu previously and revenue rose 13% to $88.7m from $78.4m previously.

Guangzhou South China Oceangate Terminal meanwhile saw throughput rise 6% to 2.3m teu from 2.2m teu previously. Revenue rose 7% to $77m from $71.9m previously.

However, these good performances were offset by poor results at the group's other China-related terminals, especially in the bulk terminals segment.

Yangzhou Yuanyang Terminal recorded a bulk cargo throughput of 3.8m, 32% down from 5.5m tons previously, while revenue decreased 31% to $12.1m from $17.4m previously.

Quan Zhou Pacific Container Terminal saw bulk cargo throughput fall 30% to 1.2m tons from 1.7m tons in the previous corresponding period while revenue decreased16% to $21.0, from $25.2m.

Equity throughput of containers increased by 4% to 14.3m from13.8m previously while throughput at the group's container terminals rose 3.5% to 46.0m teu from 44.5m teu and the throughput of bulk cargo was 41.4m tons, up 2% from 40.6m tons previously.

In the main segments, revenue from the group's China but non-Hong Kong ports saw revenue fall 6% to %184.7m from $196.6m previously.