TIN news: COSCO SHIPPING Holdings Co., Ltd. had a net profit attributable to equity holders of 270 million yuan (U.S. $39 million) for the first quarter of 2017, or 91 million yuan if non-recurring charges were not considered.
This compares with a loss of 4.5 billion yuan for the first quarter of 2016, or a 2.1 billion yuan loss without non-recurring charges.
However, comparison with last year’s results are complicated because of the merger of COSCO and China Shipping, and accompanying restructuring of the combined companies. The company said last year it began chartering and operating container vessels of China Shipping only two-thirds of the way through the first quarter of 2016.
Meanwhile, COSCO SHIPPING Holdings had revenues from container shipping and related business of 19.3 billion yuan for the quarter, a 68 percent year-over-year increase, which it attributed to a rise in volumes and revenue per TEU.
During the quarter, the company carried 4.65 million TEUs, up 54 percent from the first quarter of 2016.
Shipping route revenues totaled 17.1 billion yuan for the quarter, up 71 percent year-over-year.
On the transpacific trade, revenues amount to nearly 5 billion yuan, while volumes rose 53 percent year-over-year to 709,387 TEUs.
Total throughput from the company’s container terminal business reached 23.9 million TEUs during the quarter, up 7.5 percent from the corresponding 2016 period.