COSCO SHIPPING Ports Limited, the world’s leading ports operator, announced interim results of the Company and its subsidiaries for the six months ended 30 June 2020, reports Cosco Shipping in its official website.
- COSCO SHIPPING Ports continues to actively implement a series of measures, such as lean operations, control cost and improve efficiency.
- As at the end of June, the Group has cash and bank deposits of approximately US$1.118
billion. - It is expected that there will be sufficient cash to support the dividend policy of the
Company in the year 2020. - It is expected that CSP Spain Group and Quan Zhou Pacific Terminal strive to launch Navis N4 system this year.
2020 Interim Results Highlight
- Revenue was US$452.7 million -12.6% yoy
- Gross profit was US$ 99.2 million, -35.4%yoy
- Share of profits from JV and associates was US$ 128.7 million, -11.0%yoy
- Net Profit was 163.4 million, +10.5%yoy Note
- Earnings per share was US 5.17 cents, +8.8%yoy
- Declared an interim dividend of US$ 2.068 cents per share, +8.8% yoy
Operational Review
- Total throughput was 57,634,191TEU, -3.6%yoy
- Total equity throughput was 18,077,469 TEU, -6.6%yoy
- Total throughput from subsidiaries was 10,501,481 TEU, -15.6%yoy
Greater China
For the six months ended 30 June 2020, total throughput of the Greater China region
decreased by 4.3% to 44,037,541 TEU (1H2019: 46,015,330 TEU) and accounted for 77.0% of the Group’s total.
Bohai Rim
During the period, total throughput of the Bohai Rim region increased by 4.9% to 20,236,784 TEU (1H2019: 19,298,356 TEU) and accounted for 35.1% of the Group’s total.
In particular, throughput of QPI increased by 0.4% to 10,340,000 TEU (1H2019: 10,300,000 TEU).
Yangtze River Delta
Total throughput of the Yangtze River Delta region decreased by 31.6% YoY to 6,836,156 TEU (1H2019: 9,989,132 TEU) and made up 11.9% of the Group’s total.
Southeast Coast and Others
Total throughput of the Southeast Coast region decreased by 12.3% YoY to 2,535,043 TEU
(1H2019: 2,890,372 TEU) and accounted for 4.4% of the Group’s total.
Terminal Co., Ltd. which mainly focuses on foreign trade decreased by 13.8% YoY to 898,266 TEU (1H2019: 1,041,699 TEU).
Total throughput of Quan Zhou Pacific Terminal decreased by 22.3% to 592,026 TEU (1H2019: 761,580 TEU), which was mainly due to adjustment in the network of shipping lines.
Pearl River Delta
Total throughput of the Pearl River Delta region decreased by 7.3% to 12,149,056 TEU
(1H2019: 13,112,675 TEU) and accounted for 21.1% of the Group’s total.
Guangzhou South China Oceangate Terminal effectively responded to the impact of COVID-19 Epidemic, the throughput slightly decreased by 4.7% to 2,706,410 TEU (1H2019: 2,840,338 TEU).
Southwest Coast
Total throughput of the Southwest Coast region surged by 214.6% YoY to 2,280,501 TEU
(1H2019: 724,795 TEU) and accounted for 3.9% of the Group’s total.
This was mainly because throughput from Beibu Gulf Port was included since January 2020 and the throughput from January to June amounted to 1,538,386 TEU.
Overseas
Total throughput of overseas region decreased by 1.1% YoY to 13,596,650 TEU (1H2019:
13,748,770 TEU) and accounted for 23.6% of the Group’s total.
Throughput of CSP Zeebrugge Terminal surged by 58.4% YoY to 292,531 TEU
(1H2019: 184,724 TEU), which was mainly driven by improvement in shipping routes and
increasing volume from ad-hoc shipping calls in January and February.
Throughput of CSP Abu Dhabi Terminal recorded 340,727 TEU (April to June 2019: 68,746 TEU).
About COSCO SHIPPING Ports
COSCO SHIPPING Ports Limited (Stock Code: 1199.HK) a leading ports operator in the world; its terminals portfolio covers the five main port regions in Mainland China, Southeast Asia, Middle East, Europe, South America the Mediterranean. As at 30 June 2020, CSP operated and managed 360 berths at 36 ports worldwide, of which 206 were for containers, with a combined annual handling capacity of 115 million TEU.
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Source: Cosco Shipping
