Cosco Shipping Ports Limited announced first quarter results of the Company and its subsidiaries for the three months ended 31 March 2019.
2019 First Quarter Results Highlight
- Revenue was US$247.7million +4.1%yoy
- Gross profit was US$70.1million, -5.2%yoy
- Share of profits from JV and associates was US$61.9million, -2.2%yoy
- Net Profit was 49.9 million, -27.9%yoy
- Adjusted net profit was US$75.4million, +8.9%yoy*
- Adjusted earnings per share was US2.42cents, +7.1%yoy*
*excluding one-off dilution effect on equity interest from QPI & impact from HKIFRS16
Operational Review
Total throughput was 28,731,733 TEU, +5.6%yoy
- Organic growth of total throughput was +4.9%yoy
- Total throughput from subsidiaries was 5,943,433 TEU, +13.5%yoy
- Total equity throughput was 9,282,056 TEU, +7.7%yoy
Outlook
Although there are still uncertainties in the global economy in 2019, the market expects that Sino-US trade war may reach agreement, low interest rates environment continues and China and Europe will continue to strengthen cooperation to promote “Belt and Road Initiative”, which may gather momentum of growth for global economy. Cosco Shipping Ports is committed to building global terminal network continuously and strategically exploring investment opportunities of overseas terminals, in order to strive for better returns. Meanwhile, the Group will continue to optimise asset returns to further enhance its profitability, with the aim of maintaining return on equity (ROE) on upward trend. In 2019, the Group will endeavor to improve efficiency.
As a leading global terminal operator, Cosco Shipping Ports will continue to provide higher quality services to customers. It is expected that three terminals of the Company, namely CSP Zeebrugge Terminal NV, Noatum Container Terminal Valencia, S.A.U. under the CSP Spain Group and Lianyungang New Oriental International Terminals Co., Ltd. will launch the Navis N4 system to improve the efficiency of the terminal operations in the second half of 2019.
Cosco Shipping Ports will continue to step up the development of terminal extended logistic business to enhance its profitability. On 3 April 2019, the Group signed investment agreement of Cosco Shipping Ports Supply Chain Project with Guangzhou Nansha Economic and Technology Development Zone Commercial Bureau, in order to develop port supply chain platform and high-end warehousing business, and extend the upstream and downstream industries.
For the full Q1 report, click here.
For more information:
Ricky NG
Tel: 2809-8131
Fax: 2907-6088
Email: ricky.ng@coscoshipping.com