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COSCO first half profit gain from sale

Noatum Ports MalagaHONG KONG: August 29, 2017. COSCO Shipping Ports has reported a first half 2017 (H1) net profit of US$384.7 million on revenue of US$275.8 million that includes a one-off gain of US$285.4 million from the sale of its shares in Qingdao Qianwan Container Terminal.

At the same time COSCO completed the acquisition of an 18.4 percent stake in Qingdao Port International to "further optimize the value of its terminal portfolio in the Greater China region and enhance its management and operational efficiencies".

During H1, throughput of the group's container terminals increased 11.8 percent to 41,780,867 TEU of which 19.3 percent was handled by subsidiaries and 80.7 percent attributable to its joint ventures.

According to the China Container Industry Association, container terminal traffic in China increased 8.8 percent to 115,000,000 TEU year-on-year.

The acquisition of a 51 percent stake in Spain's Noatum Port Holdings, with interests in Bilbao, Valencia, Malaga (pictured) and Las Palmas plus two railway terminals in Madrid and Zaragoza, Is expected to complete in the second half 2017.

COSCO Ports said the purchase would extend its overseas network that already includes Port Khalifa in Abu Dhabi and the Piraeus Terminal in Greece supported by the container fleet of COSCO Shipping and the OCEAN Alliance.

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