Cosco Shipping Ports 3Q Net Profit Up 53% to US$67.2 Million

By Joanne Chiu Features Dow Jones Newswires

Cosco Shipping Ports Ltd. (1199.HK) reported a 53% rise in net profit for the third quarter, on the back of higher handling volume.

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The Chinese port investor said after markets closed Thursday that its third-quarter net profit was US$61.78 million, compared with a net profit of US$43.9 million a year ago. Third-quarter revenue rose 8% to US$155.6 million from US$114.1 million a year earlier, as the company's ports handled 16.6% more shipping volume to 24.1 million standardized container boxes during the quarter.

In the first nine months, the company's net profit was US$451.9 million, more than double from a net profit of US$215.8 million a year ago, in part lifted by a US$59.0 million disposal gain.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

October 26, 2017 05:07 ET (09:07 GMT)