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Cosco Shipping Ports registers higher volume, revenue in Q3

  • CSPL’s revenue increased 6.0% in the third quarter of 2020 year-on-year, while throughput rose 3.3% compared to the same quarter last year
  • In the first nine months of 2020, revenue declined 6.5% and volume fell 1.2% year-on-year

Port operator Cosco Shipping Ports Limited (CSPL) announced an improvement in both throughput and earnings in the third quarter despite continuing challenges and uncertainties due to the COVID-19 epidemic.

In a statement, it said third-quarter revenue reached US$270.0 million, an increase of 6.0% year-on-year. Profit attributable to equity holders was $85.9 million, an increase of 19.7% year-on-year, while earnings per share was $2.66 cents, up 16.7% year-on-year.

Total throughput in the third quarter was 33.46 million twenty-foot equivalent units (TEUs), up 3.3% compared to the same period last year.

In the first nine months of 2020, revenue declined 6.5% year-on-year to $722.7 million. Profit attributable to equity holders rose 13.5% year-on-year to $249.3 million, and earnings per share was $7.83 cents, an increase of 11.4% year-on-year.

The company said earnings for the first nine months included one-off after-tax disposal gain from the disposal of its shares in some companies.

Total throughput from January to September was 91.10 million TEUs, a decline of 1.2% year-on year.

CSPL said the improvement in throughput and earnings in the third quarter came despite the world continuing to face COVID-19 challenges and uncertainties in the global economy and trade.

This year, the group continues to actively implement its “Lean Operations” strategy and adopt a series of measures such as cost control and efficiency enhancement at both its domestic and overseas terminals.

It is also “actively accelerating informatization and digitization, unifying terminal operating system and continuing to implement Navis N4 system in its subsidiaries.”

In addition, CSPL continues to introduce “cost per TEU” assessment of the operations and management of terminals, in order to set up operational cost control targets for terminals where it has controlling stakes.

Photo courtesy of CSPL

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