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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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COSCO Pacific Announces 2012 Interim Results

Date:2012-08-30     Publish:本站

On 27 August 2012, COSCO Pacific Limited (the “Company” or “COSCO Pacific”) held 2012 interim results press conference. The meeting was presided over by Mr. Wang Xingru, Vice Chairman and Managing Director of the Company. Senior management of the Company attended the meeting included Dr. Wong Tin Yau, Executive Director and Deputy Managing Director, Mr. Yin Weiyu, Executive Director and Deputy Managing Director, Mr. Ken Chan, Deputy General Manager, Mr. Qiu Jinguang, Deputy Managing Director, Mr. Lui Sai Kit, Financial controller and Ding Weiming, Deputy Financial Controller. 

In the first half of 2012, the intensifying Eurozone sovereign debt crisis dragged down the global economy recovery. In the face of increasingly tough market situation, COSCO Pacific insisted on taking the market-oriented approach, enhancing “Four Capabilities”, and improving the profitability so as to achieve steadily growth of terminal and leasing businesses. During the period, revenue increased by 31.8% to US$367 million and gross profit rose by 38.7% to US$165 million. Profit attributable to equity holder for the first half of 2012 was US$179 million, a 24.5% decrease compared with the corresponding period of last year mainly due to a relatively significant decline in the share of profit of China International Marine Containers (Group) Co., Ltd. (“CIMC”) during the period. Excluding the non-recurring items, a 15.9% decrease compared with last year was recorded. However, the profit growths in terminal and container leasing, management and sale businesses remained steadily with double digit growth. Excluding the share of profit from CIMC and the non-recurring items, profit attributable to equity holders of the Company rose by 22.9% to US$149 million. The board of directors of the Company declared an interim dividend of HK20.5 cents per share with an option of scrip dividend. Dividend payout ratio maintained at 40.0%.  

About 23 media representatives attended the press conference. The major local newspapers included Ming Pao,Hong Kong Economic Journal, Oriental Daily News, Ta Kung Pao, Wenweipo and etc. Other radio stations and international financial news agencies included ETNet, Dow Jones Newswires, Bloomberg, Now Business News Channel and etc.