COSCO Pacific posts Q3 results
The board of directors of COSCO Pacific Limited presents the unaudited condensed consolidated results of the Company and its subsidiaries for the third quarter and the nine months ended 30 September 2014,the company announced in its press release.
For the three months and nine months ended 30 September 2014, excluding the discontinued operation in the corresponding period of 2013 Note , profit attributable to equity holders of the Company increased by 8.5 % to US$ 86,943,000 and 4.4 % to US$ 233,729,000 respectively (three months and nine months ended 30 September 2013: US$80,155,000 and US$223,977,000 respectively).
For the first three quarters of 2014, the Group’s container throughput growth was satisfactory, leading to growth in profit from the terminals business. For the three months and nine months ended 30 September 2014, total throughput rose 8.7 % to 17,605,389 TEU and 9.6 % to 50,086 ,95 6 TEU respectively ( three months and nine months ended 30 September 2013: 16,199,058 TEU and 45,693,411 TEU respectively). Equity throughput rose 9.6 % to 4,960,519 TEU and 11.9 % to 14,245,915 TEU respectively ( three months and nine months ended 30 September 2013: 4,525,157 TEU and 12,726,356 TEU respectively) .
The growth in demand for container leasing was not strong throughout the first three quarters of 2014. In the third quarter, leasing rates remained at low levels. Resale prices of old containers were weak . As a result, the profit from the container leasing, management and sale businesses decreased as compared with the corresponding period last year. For the three months and nine months ended 30 September 2014 , the overall average utilisation rate was 95.7% and 95.1% respectively (three months and nine months ended 30 September 2013 : 94.6% and 94.6 % respectively) . As at 30 September 2014, the Group’s container fleet rose 2.1 % to 1,919,310 TEU ( 30 September 2013 : 1,879,051 TEU).