COSCO SHIPPING Ports Limited today announced first quarter results of the Company and its subsidiaries for the 3 months ended 31 March 2023.
2023 First Quarter Results Highlights
- Total equity throughput decreased by 2.5% YoY to 9,609,708 TEU
- Revenue decreased by 0.5% YoY to US$ 328.0 million
- Gross profit increased by 11.2% YoY to US$89.9 million
- Share of profits from joint ventures and associates decreased by 16.4% YoY to US$69.0 million
- Profit attributable to equity holders of the Company decreased by 17.9% YoY to US$62.5 million
Financial review
COSCO SHIPPING Ports’ 1Q2023 revenue decreased slightly by 0.5% YoY to US$328.0 million. The Company continuously implemented lean operation strategy, driving gross profit increased by 11.2% YoY to US$89.9 million and the gross profit margin expanded 2.9 percentage points to 27.4 %. During the period, share of profits from joint ventures and associates decreased by 16.4% YoY. Profit attributable to equity holders of the Company decreased by 17.9% YoY to US$62.5 million.
Prospects
For the three months ended 31 March 2023, China’s foreign trade import and export had a stable and positive start. According to data from the General Administration of Customs of China, the total value of China's merchandize trade imports and exports in the first quarter was RMB 9.89 trillion, an increase of 4.8% YoY. Among them, exports were RMB 5.65 trillion, an increase of 8.4% YoY; imports were RMB 4.24 trillion, an increase of 0.2% YoY. In the first quarter, China's imports and exports to its largest trading partner, ASEAN, amounted to RMB 1.56 trillion, an increase of 16.1% YoY, which was 11.3 percentage points higher than the overall growth rate, accounting for 15.8% of the total value of imports and exports. Imports and exports to other Regional Comprehensive Economic Partnership (RCEP) member countries were RMB 3.08 trillion, an increase of 7.3% YoY.
Looking forward to this year, there are still many uncertainties in the global macro economy. However, there are opportunities in the market in the face of difficulties and challenges as well. In the first quarter, the first two largest regions in share of total throughput in the Group’s portfolio: total throughput in the Bohai Rim region was generally stable and increasing; meanwhile, total throughput in the overseas region remained at a stable level. The Southwest Coast region continued to benefit from the growth of economic and trade activities in emerging markets such as Southeast Asia, hence the share of its total throughput is expected to continue to expand.
For more information:
Ricky NG
COSCO SHIPPING Ports Limited
Tel: 2809-8131
Fax: 2907-6088
Email: ricky.ng@coscoshipping.com
Web: ports.coscoshipping.com