Thursday, October 29, 2009

COSCO Pacific 3Q Numbers Down

Hong Kong-based terminal operator COSCO Pacific reported a 49 percent drop in third-quarter profits, slipping to $40 million from $77.7 million in the same period last year.

Third-quarter revenues were reported at $83.4 million, off 8.5 percent from the year-ago period. Total container volume also slipped, dipping 4.2 percent over the third quarter of 2008.

In a report to the Hong Kong stock exchange this week, COSCO Pacific cited said that the declines were due to the continuing recession in the United States and Europe.

The firm, a subsidiary of the COSCO Group, is the third-largest terminal operator in Asia and owns or has stakes in 21 terminal operators, mainly along the Pacific Rim in China, Hong Kong and Singapore.