Cosco Pacific, one of the world's major port operators, is confident of achieving double-digit growth in throughput this year despite an expected slowdown over the coming months.
The Hong Kong-based company said first-half net profit rose 82 per cent to US$190 million on an exceptional gain from selling its logistics division to its parent and on robust demand for container boxes.
Stripping out the US$84.7 million one-off gain from selling Cosco Logistics, underlying net profit amounted to US$105.2 million - up 20.3 per cent from a year earlier.
Global container port volumes could rise 12 per cent this year, with growth led by the mainland, the shipping data provider Alphaliner, reported.
'Container operations rebounded in the first half as trade recovered,' said Francis Lun, general manager at Fulbright Securities in Hong Kong. 'Europe and US demand is showing some uncertainty and that may slow growth at ports in the second half.'
Earnings from the terminal division were undermined by the newly acquired Piraeus port in Greece and delays in dividend payouts from Yantian port. Net profit from terminals dropped 11.4 per cent to US$39.6 million, despite total throughput at the 20 ports partially owned by the company increasing 18.7 per cent year on year.
'We believe that Piraeus container terminal could turn around not later than the first half of next year,' Xu Minjie, the vice-chairman and managing director of the port operator, said yesterday.
