Beijing - The board of directors of Cosco Shipping Ports Limited presents the unaudited condensed consolidated results of the Company and its subsidiaries for the three months ended 31 March 2018.
•Total throughput increased by 37.7% to 27,206,500 TEU (1Q2017: 19,760,635 TEU); •Equity throughput increased by 32.5% to 8,622,174 TEU (1Q2017: 6,507,477 TEU);
•Total throughput of terminal companies in which the Group has controlling stakes increased by •38.5% to 5,234,257 TEU (1Q2017: 3,778,898 TEU);
•Revenue increased by 86.1% to US$237,938,000 (1Q2017: US$127,833,000);
•Operating profit increased by 106.0% to US$52,655,000 (1Q2017: US$25,566,000);
•Profit attributable to equity holders of the Company increased by 84.3% to US$69,227,000 (1Q2017: US$37,558,000).
Driven by the supports from shipping alliances and its parent company, China COSCO Shipping Corporation Limited, as well as contribution from acquisitions, the Group’s total throughput achieved encouraging results for the three months ended 31 March 2018, with total throughput increased by 37.7% to 27,206,500 TEU (1Q2017: 19,760,635 TEU). Equity throughput of the Group for the period increased by 32.5% to 8,622,174 TEU, as compared with 1Q2017’s 6,507,477 TEU. For the three months ended 31 March 2018, throughput of the terminal companies that the Group has controlling stakes amounted to 5,234,257 TEU, up 38.5% from 1Q2017’s 3,778,898 TEU, and accounted for 19.2% of the Group’s total; the Group’s non-controlling terminals achieved throughput of 21,972,243 TEU, representing an increase of 37.5% from 1Q2017’s 15,981,737 TEU.
For the three months ended 31 March 2018, throughput of the Greater China region increased by 38.1% to 21,345,121 TEU (1Q2017: 15,451,868 TEU), accounting for 78.5% (1Q2017: 78.2%) of the Group’s total throughput.
Throughput of the Bohai Rim region accounted for 32.6% (1Q2017: 18.0%) of the Group’s total, increased by 149.7% to 8,866,311 TEU for the three months ended 31 March 2018 (1Q2017: 3,551,082 TEU). Throughput of Qingdao Port International Co., Ltd. (“QPI”) was 4,550,000 TEU. Throughput of Dalian Container Terminal Co., Ltd. (“Dalian Container Terminal”) grew by 50.0% to 2,158,861 TEU (1Q2017: 1,439,216 TEU), which benefited from the increase in throughput after merged.
YANGTZE RIVER DELTA
Throughput of the Yangtze River Delta region accounted for 17.1% (1Q2017: 23.7%) of the Group’s total and amounted to 4,636,858 TEU for the three months ended 31 March 2018 (1Q2017: 4,692,381 TEU), a decrease of 1.2% from last year. Impacted by the Chinese New Year holidays and prolonged foggy days in the first quarter, throughput of Shanghai Mingdong Container Terminals Limited decreased by 5.1% to 1,449,416 TEU (1Q2017: 1,526,620 TEU).
Throughput of the Southeast Coast region accounted for 5.0% (1Q2017: 5.4%) of the Group’s total, increased by 27.0% to 1,354,840 TEU for the three months ended 31 March 2018 (1Q2017: 1,066,565 TEU). With the increased calls from the OCEAN Alliance, throughput of Xiamen Ocean Gate Container Terminal Co., Ltd. surged by 91.6% to 526,660 TEU (1Q2017: 274,820 TEU).
PEARL RIVER DELTA
Throughput of the Pearl River Delta region was 6,211,464 TEU (1Q2017: 5,866,606 TEU) and made up 22.8% (1Q2017: 29.7%) of the Group’s total for the three months ended 31 March 2018, an increase of 5.9%. Throughput of Yantian International Container Terminals Co. Ltd., benefited from the growth in US and European exports, increased by 8.7% to 2,861,024 TEU (1Q2017: 2,632,545 TEU). Throughput of Nansha Stevedoring Corporation Limited of Port of Guangzhou (“Guangzhou Nansha Stevedoring Terminal”) increased by 6.0% to 1,332,038 TEU during the period (1Q2017: 1,256,096 TEU).
Throughput of the Southwest Coast region accounted for 1.0% (1Q2017: 1.4%) of the Group’s total for the three months ended 31 March 2018, increased by 0.2% to 275,648 TEU (1Q2017: 275,234 TEU).
The overseas terminals’ total throughput increased by 36.0% to 5,861,379 TEU for the three months ended 31 March 2018 (1Q2017: 4,308,767 TEU) and accounted for 21.5% (1Q2017: 21.8%) of the Group’s total. Throughput of Noatum Port Holdings, S.L. in Spain and its subsidiaries (“NPH Group”) was 829,769 TEU. Fueled by increased calls by the OCEAN Alliance and THE Alliance, throughput of Piraeus Container Terminal S.A. in Greece increased by 20.1% to 1,001,438 TEU (1Q2017: 833,947 TEU). Driven by increased calls from the OCEAN Alliance, throughput of COSCO-PSA Terminal Private Limited surged 66.8% to 788,240 TEU (1Q2017: 472,573 TEU).