COSCO Pacific posts results for Q3 2015
The board of directors of COSCO Pacific Limited presents the unaudited condensed consolidated results of the company and its subsidiaries for the third quarter and the nine months ended 30 September 2015, the company said in its press release.
For the three months ended 30 September 2015, profit attributable to equity holders of the company decreased by 14.3 % to US$ 74,470,000 (three months ended 30 September 2014: US$86,943,000), and for the nine months ended 30 September 2015, profit attributable to equity holders of the company increased by 2.2 % to US$ 238,902,000, respectively (nine months ended 30 September 2014: US$233,729,000) .
For the first three quarters of 2015 , the Group’s container throughput and profit growth of terminals business decelerated in the view of slower global economic growth and negative growth in China’s exports and imports.
For the three months and nine months ended 30 September 2015, total throughput rose 0.3 % to 17,651,269 TEU and 2.8% to 51,483,10 4 TEU respectively (three months and nine months ended 30 September 2014: 17,605,389 TEU and 50,086,956 TEU respectively). Equity throughput dropped 0.9 % to 4,9 18,354 TEU and rose 0.9 % to 14,381,070 TEU respectively (three months and nine months ended 30 September 2014: 4,960,519 TEU and 14,245,915 TEU respectively).
For the first three quarters of 2015, competition in container leasing industry remained fierce, the leasing rates and the resale prices continued their weakness, in addition to declined number of disposed returned containers, the profit from the Group’s container leasing, management and sale businesses dropped as compared with the corresponding per iod last year.
For the three months and nine months ended 30 September 2015, the overall average utilisation rate were 95.0 % and 95.3% respectively (three months and nine months ended 30 September 2014: 95.7% and 95.1% respectively). As at 30 September 20 15, the Group’s container fleet rose 2.4% to 1,964,954 TEU (30 September 2014: 1,919,310 TEU).
