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COSCO reports box throughput boost amid profit downturn

COSCO SHIPPING Ports (CSP) has announced full-year results of the company and its subsidiaries (the group) for the year ended 31 December 2019.

2019 Full-year Results Highlight

  • Revenue rose by 2.7% to US$1,027.7 million
  • Gross profit reduced by 7.1% to US$272.7 million
  • Share of profits from joint ventures and associates reduced by 8.5% to US$267.5 million
  • Declared a total dividend of US$3.928 cents per share

CSP says that "in spite of uncertainties cast over the global trade" it achieved its strategy effectively by leveraging synergies in 2019.

Backed by the increased calls from the shipping alliances at the group’s container terminals and the contributions from newly acquired terminals, total throughput of the group grew steadily.

2019 Full-year

  • Total throughput increased by 5.5% to 123,784,335TEU
  • Total throughput from subsidiaries increased by 11.5% to 25,104,282TEU
  • Total equity throughput increased by 7.0% to 39,670,783 TEU

COSCO SHIPPING Ports believes it will be in position to maintain its financial stability, despite the fact that novel coronavirus is expected to hit the global economy. "The Group is well prepared to grasp the opportunities arising from the pent-up demand as a result of the global restocking," CSP says.

The Chinese giant port operator adds that it will continue its co-operations with major shipping firms and port companies and is searching for opportunities to expand its global terminal network.

Furthermore, CSP highlights its willingness to proceed with the Navis N4 system integration into its terminals. At present, CSP Zeebrugge Terminal and Lianyungang New Oriental Terminal have successfully launched the Navis solution.

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