China Cosco Holdings Company Limited, a global provider of integrated shipping and logistics services, has posted a first quarter 2008 net profit attributable to shareholders of CNY6.13 billion (US$878 million), an increase of 135.9 per cent compared to the same period last year.
Revenue during the reporting period amounted to CNY28.02 billion, according to a filing made to the Hong Kong stock exchange.
The container shipping and related businesses unit handled 1,415,371 TEU in the quarter ended 31 March 2008, up 9.3 per cent over the same quarter a year earlier. Revenue from container shipping operations increased 20.1 per cent to CNY9.95 billion.
During the first quarter shipping volume and revenue of Asia-Europe and mainland China routes maintained strong growth. Respective shipping volumes increased by 13.6 per cent to 363,360 TEU and 38.3 per cent to 322,114, while respective turnover grew by 36 per cent and 117.2 per cent, a group statement said. Shipping volume on transpacific routes fell by 1.2 per cent to 322,465 TEU.
With regard to the group's Terminal and Related Business, a total of 10.4 million TEU passed through its container handling facilities during the first quarter, up 22.2 per cent year on year.
The throughput in the Bohai Rim, Yangtze River Delta, Pearl River Delta and overseas rose by 10.4 per cent, 14.6 per cent, 20.9 per cent and 177.8 per cent respectively as compared to the same period last year.
In the first quarter, the group's logistics business maintained a stable development trend. The business volumes of home appliances and chemical logistics increased 34.1 per cent and 38.1 per cent respectively.
Also during the reporting period, the group's dry bulk shipping business transported 67.94 million tons of cargo, representing an increase of 7.5 per cent year on year.
By the end of the first quarter, the group operated 417 vessels, with a total of 33 million deadweight tons, comprising 203 self-owned vessels and 214 chartered vessels, totalling 20 million deadweight tons.
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