Cosco Pacific profit triples on CIMC stake sale gains

Revenue rose 7.6% to $395.20m mainly from the terminal business and the container leasing, management and sale businesses. The revenues of these two core businesses increased by 9.7% and 5.7% to $217.067m and $180.23m respectively.
 
Profit from the terminal business however decreased by 5.1% to $92.83m mainly due to a rise in income tax expenses for some terminals in mainland China following the expiry of tax holidays, an increase in the loss of Xiamen Ocean Gate Terminal compared with the corresponding period of last year as it is still in a ramp-up period, as well as increased operating costs of the terminal business, Cosco Pacific said in a stock market announcement.

Profit from the container leasing, management and sale businesses made up for it slightly rising by 4.8% to $76,29m mainly due to an expansion of the container leasing fleet, which increased by 4.3% to 1.87m teu  with an overall average utilisation rate of 94.5%.