Greater China

Cosco Pacific in terminal hunt

Hong Kong: Cosco Pacific posted its 2012 results yesterday with revenue up 22.8% to US$736m, but net profit down 12% to US$342m.

Cosco Pacific said the growth in revenue was mainly thanks to an increase in gross profit from the disposal of returned containers and the continuing improvement in operating efficiency at its Piraeus Terminal and Guangzhou South China Oceangate Terminal (GOCT).

In 2012, revenue from the company’s container leasing, management and sale businesses reached $336.2m, an increase of 21.6% year-on-year. The company believes the container-leasing business will keep growing and facilitate the growth of revenue.

Lv Shijie, cfo of Cosco Pacific, revealed that the company won’t have any financing plans in the short term, and budget expenditure on terminal business and container business this year is $500m and $400m respectively. The company said it is seeking terminal projects in Europe, Africa and Asia. [27/03/13]

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