Cosco Shipping Ports Ltd today announced Third Quarter results of the Company and its subsidiaries for the 3 months and 9 months ended 30 September 2023.
2023 third quarter results highlights
- Total throughput increased by 4.1% YoY to 35,603,127 TEU
- Equity throughput increased by 2.7% YoY to 11,407,984 TEU
- Total throughput from subsidiaries decreased by 3.4% to 8,242,228 TEU
- Revenue of the Company increased by 2.7% YoY to US$358,902,000
- Profit attributable to equity holders of the Company decreased by 4.0% YoY to US$83,312,000
2023 9 months results highlights
- Total throughput increased by 2.8% YoY to 100,175,999 TEU
- Equity throughput increased by 1.8% YoY to 32,159,349 TEU
- Total throughput from subsidiaries decreased by 5.1% to 22,973,718 TEU
- Revenue of the Company decreased by 0.6% YoY to US$1,047,775,000
- Profit attributable to equity holders of the Company decreased by 11.7% YoY to US$233,604,000
Cosco Shipping Ports’ 3Q2023 revenue increased by 2.7% YoY to US$358.9 million. Cost of sales increased by 4.4% YoY to US$258.0 million. Gross profit decreased by 1.4% YoY to US$100.9 million. During the period, profit attributable to equity holders of the Company was US$83.3 million, recording a decrease of 4.0% YoY.
Prospects
Since 2023, the global economy has experienced low growth rates under the influence of multiple negative factors such as persistent inflation, high interest rates and geopolitical tensions. China’s manufacturing Purchasing Managers’ Index (PMI) showed an upward trend for four consecutive months and returned to the expansion zone, the economic recovery situation continues to consolidate.
In the face of these challenges, Cosco Shipping Ports, with its comprehensive global terminal network, continued to capitalize on the synergies with the dual brands of the parent company, and achieved a year-on-year growth rate of 4.1% in total throughput in the third quarter. Looking ahead, the Group will continue to focus on “Lean Operations”, strengthen business marketing and enhance the quality of terminal operation and efficiency; solidly promote cost reduction and increase efficiency, focusing on controlling the cost per TEU, implement cost refinement and control measures, and continue to broaden financing channels, optimize the structure of financing, and reduce the cost of capital.
Click here to read the full press release.
For more information:
Ricky Ng
Cosco Shipping Ports Ltd
Tel: +86 2809-8131
Fax: +86 2907-6088
Email: ricky.ng@coscoshipping.com
ports.coscoshipping.com