COSCO Pacific revenue rises by 11.4% to US$440mln in H1 2014
The COSCO Pacific Limited’s revenue rose by 11.4% to US$440,158,000 (corresponding period of 2013: US$395,195,000). Revenue from the terminals business rose by 18.9% to US$258,082,000 (corresponding period of 2013: US$217,066,000). Revenue from the container leasing, management and sale businesses rose slightly by 2.1% to US$184,107,000 (corresponding period of 2013: US$180,234,000), the company said in its press release.
Gross profit fell by 2.9% to US$167,970,000 (corresponding period of 2013: US$172,978,000). Gross profit from the terminals business grew during the period. However, rental yield from the container leasing business remained low during the first half of 2014. Moreover, as the sale prices for old containers were still under pressure and the disposed returned containers had a higher carrying value, the overall gross profit from the container leasing, management and sale businesses declined. The Group’s gross profit margin fell by 5.6 percentage points to 38.2% (corresponding period of 2013: 43.8%).
Excluding the discontinued operation during the corresponding period in 2013Note, profit attributable to equity holders of the Company rose by 2.1% to US$146,786,000 (corresponding period of 2013: US$143,822,000).
Profit from the terminals business increased by 17.5% to US$109,085,000 (corresponding period of 2013: US$92,830,000), primarily driven by the growth in container throughput. Equity throughput climbed 13.2% to 9,285,396 TEU (corresponding period of 2013: 8,201,200 TEU). Total throughput increased by 10.1% to 32,481,568 TEU (corresponding period of 2013: 29,494,353 TEU).
Profit from the container leasing, management and sale businesses fell by 30.2% to US$53,289,000 (corresponding period of 2013: US$76,291,000). The overall average utilisation rate remained steady at 94.8% (corresponding period of 2013: 94.5%). The fleet size of containers increased by 3.3% to 1,936,263 TEU (30 June 2013: 1,874,826 TEU).
An interim dividend of HK15.6 cents (corresponding period of 2013: an interim dividend of HK18.6 centsand a special interim dividend of HK43.8 cents) per share. The dividend will be paid in cash and with a scrip dividend alternative, with a payout ratio of 40.0% (corresponding period of 2013: 40.0%)
In the first half of 2014, COSCO Pacific reported strong growth in total container throughput, recording a 10.1% rise to 32,481,568 TEU (corresponding period of 2013: 29,494,353 TEU). The terminal companies in the mainland China handled a total of 26,046,245 TEU (corresponding period of 2013: 24,377,866 TEU), a 6.8% rise over the corresponding period of last year. The Group’s equity throughput rose 13.2% to 9,285,396 TEU (corresponding period of 2013: 8,201,200 TEU). In terms of total container throughput in different areas, overseas terminals experienced rapid growth, while the growth of container throughput gained speed at terminals in Yangtze River Delta and Pearl River Delta regions in mainland China.
