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Mixed results for Cosco Shipping Ports
The subsidaries, like Cosco PSA terminal, grew strongly.
There was a year before corona. In 2019, the Chinese port and terminal operator Cosco Shipping Ports witnessed rising revenues, which surged by 2.7% to USD 1.02 billion, but declining profits, which went down by 7.1% to USD 272.7 million. Nevertheless, adjusted net profit rose by 8.1% to USD 350.9 million. This happened against a surge in throughput going up by 5.5% and amounting to almost 123.8 million teu.
Remarkably, throughput from subsidiaries proved to be even more dynamic, increasing by 11.5% to more than 25.1 million teu. Despite many uncertainties about the year 2020, the group said in a press release that it will "speed up the terminal extension business".
Besides investing in a port supply chain platform in Nansha District, Guangzhou, Cosco Shipping Ports plans to develop its terminal extended business to Abu Dhabi, Nantong, Xiamen, and also Wuhan and other regions. (mw)