COSCO SHIPPING Ports registers Q1 2024 increase in throughput & revenue
COSCO SHIPPING Ports Limited, the world’s leading ports logistics service provider, has announced the First Quarter results of the company and its subsidiaries (the Group) for the 3 months ended March 31, 2024.
Highlights
* Total throughput increased by 9.8% YoY to 33,262,222 TEU
* Total equity throughput increased by 9.3% YoY to 10,507,302 TEU
* Total throughput from terminals in which the Group has controlling stakes increased by 11.5% YoY to 7,423,080 TEU
* Throughput from the Group’s non-controlling terminals increased by 9.3% YoY to 25,839,142 TEU
* Revenue of the company increased by 1.4% YoY to US$332,716,000
* Profit attributable to equity holders of the company increased by 0.6% to US$62,878,000
In 1Q2024, COSCO SHIPPING Ports’ revenue increased by 1.4% YoY to US$332.7 million. Cost of sales increased 3.0% YoY to US$245.1 million. Gross profit decreased by 2.6% YoY to US$87.6 million, and gross profit margin decreased by 1.1 pps to 26.3%. Share of profits from joint ventures and associated companies increased by 4.6% YoY to US$72.2 million. During the period, the profit attributable to equity holders of the company increased by 0.6% YoY to US$62.9 million, said a release.
Source : Our Correspondent