Cosco Shipping Ports Limited, the world’s leading ports operator, today announced the first quarter results of the Company and its subsidiaries for the 3 months ended 31 March 2021.
2021 First Quarter Results Highlight
- Revenue increased by 20.3% YoY to US$265.3 million
- Gross profit increased by 35.9% YoY to US$61.9 million
- Share of profits from joint ventures and associates increased by 54.8% YoY to US$81.0 million
- Profit attributable to equity holders of the Company decreased by 20.5% YoY to US$73.0 million
- Profit attributable to equity holders of the Company was US$73.0 million, an increase of 140.1% (excluding one-off items)
Financial review
COSCO SHIPPING Ports’ business maintained the strong momentum in the first quarter of 2021. Excluding one-off gain from disposal of Yangzhou Yuanyang Terminal and Zhangjiagang Terminal, adjusted profit attributable to equity holders of the Company in 1Q2021 surged by 140.1% YoY to US$73.0 million. The revenue for 1Q2021 was up 20.3% YoY to US$265.3 million. The gross profit in the first quarter was up by 35.9% YoY to US$61.9 million. During the period, driven from the positive impact from our lean operations strategy, revenue growth outpaced cost of sales growth, which fueled the growth of gross profit. Share of profits from joint ventures and associates in the first quarter increased by 54.8% YoY to US$81.0 million.
Operational review
- Total throughput was 30,187,744 TEU, +9.9% YoY
- Total equity throughput was 9,293,125 TEU, +7.2% YoY
- Total throughput from subsidiaries was 5,365,528 TEU, +5.3% YoY
Greater China
For the three months ended 31 March 2021, total throughput of the Greater China region increased by 12.5% YoY to 23,228,766 TEU (1Q2020: 20,655,665 TEU), accounting for 76.9% of the Group’s total throughput. The aforementioned increase of throughput was benefitted from the smooth resumption of operations after Chinese New Year and the rebound of international trade in 2021 which led to an increase in throughput for foreign trade.
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For more information:
Ricky Ng
COSCO SHIPPING Ports Limited
Tel: +852 2809-8131
Fax: +852 2907-6088
Email: ricky.ng@coscoshipping.com
Moriz Yutsoi
Tel: +852 2809-8020
Fax: +852 2907-6088
Email: moriz.yutsoi@coscoshipping.com