COSCO SHIPPING Ports reports Q3 2023: Revenue growth steady despite falling profits

COSCO SHIPPING Ports (Photo: Xindemarinenews)

COSCO SHIPPING Ports, the world's leading ports operator, reported solid revenue growth in the third quarter of 2023, despite a decline in profit.

Revenue increased by 2.7% year-over-year to US$358.9 million, driven by a 4.1% increase in total throughput to 35.6 million TEUs. However, profit attributable to equity holders of the company decreased by 4.0% to US$83.3 million, due to a higher cost of sales and other expenses.

The company's equity throughput, which includes container terminals that COSCO SHIPPING Ports has a controlling stake in, increased by 2.7% to 11.4 million TEUs. Total throughput from subsidiaries, on the other hand, decreased by 3.4% to 8.2 million TEUs.

COSCO SHIPPING Ports' 9-month results were also mixed. Revenue decreased by 0.6% year-over-year to US$1.048 billion, while profit attributable to equity holders of the company decreased by 11.7% to US$233.6 million.

Overall, COSCO SHIPPING Ports' Q3 2023 results were solid, with revenue growth offsetting a decline in profit. The company is well-positioned to benefit from the continued growth of global trade, and its focus on investing in new technologies and expanding its global network should help it to maintain its leadership position in the ports industry.

Here are some additional observations from the report:

- COSCO SHIPPING Ports' revenue growth was driven by a strong performance in its core container terminal business. The company's container throughput increased by 4.1% year-over-year, outpacing the global average growth of 2.5%.
- The decline in profit attributable to equity holders was due to a number of factors, including a higher cost of sales, higher operating expenses, and a higher effective tax rate.
- COSCO SHIPPING Ports' financial position remains strong, with a healthy balance sheet and ample liquidity. The company has a net debt-to-equity ratio of 0.63 and cash and cash equivalents of US$7.2 billion.

Overall, the report provides a mixed outlook for COSCO SHIPPING Ports. The company is facing some challenges, such as higher costs and a slowdown in global trade growth. However, the company is also well-positioned to benefit from the continued growth of e-commerce and the expansion of the global middle class.

Read more:

• COSCO schedules: Vietnam - North America in Nov 2023
• COSCO SHIPPING Awarded for its Digital Supply Chain Platform in the Automotive Industry
• Cost-cutting success helps COSCO defy market pressures 

Source: Phaata.com (According to Ocean Network Express (ONE))

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