COSCO aims growth despite COVID-19 pandemic
Due to the uncertainties of the COVID-19 pandemic, Hong Kong-based port operator COSCO Shipping Ports reported a decline in both throughput and earnings over the six-month period ended 30 June 2020.
Total production decreased by 3.6 per cent to TEU 57.6 million in the first half of the year, while equity production decreased by 6.6 per cent to TEU 18.1 million as a result of lower demand.
In addition, the overall throughput from terminals in which the group has controlling interests decreased by 15.6 per cent to 10.5 million TEUs and the throughput from the group's non-controlling terminals decreased by 0.4 per cent to 47.1 million TEUs.
Revenue fell from $517.9 million in H1 2020 by 12.6 per cent to $452.7 million in H1 2020.
Gross profit amounted to $99.2 million in the H1 2020 period, a decline of 35.4 per cent compared to $153.4 million seen in the same period a year earlier.
On the other hand, net profit grew by 10.5 per cent a year to 163.4 million dollars compared to 147.8 million in H1 2019.
COSCO Shipping Ports confirmed that it continues to implement a range of steps, such as lean manufacturing, cost control and efficiency enhancement. As of the end of June, the company has around $1,118 billion in cash and bank deposits.
The Group aims to keep a close eye on the decreasing value of global terminal resources and acquisition opportunities to aggressively search for high potential projects in Southeast Asia , the Middle East, Africa and so on. Specifically, the group aims to develop hub ports, gateway ports and strategic stake-control terminals to increase the company's profitability and maximize synergy.
Maritime Business World