Revenues Cosco Shipping Ports in the first half were down 0.6% compared to the same period last year, according to a reflected in the new structure of the company resulting from the merger of state Cosco and China Shipping Analysis . Gross profit reached US $ 107 million, an increase of 4.1%, but earnings subtracting the losses associated with the joint venture were reduced to US $ 98.1 million, falling 12.3%.
This decline was due in part to decreased traffic in its operated in Hong Kong, Suez Canal and the port of Ningbo, which saw declines in the period between 2016 and 2015 terminal 17.4% , 20.8% and 33.4%, respectively. Adding to this scenario the end of a five-year tax exemption of 50% for a Shanghai terminal, reducing company profits by 27.1% over the previous year in the first six months.
the company said the harsh conditions facing the shipping industry in China, citing figures from the China container industry Association which showed that container handling fell 3.6% during the first half 2016 compared to the same period in 2015.
the trends in the region were mixed in container handling in the deltas of the Yangtze and Pearl rivers marked low 4.4 % and 2.9%, respectively, although activity in Bohai Rim in northeast China and overseas caught enough to boost annual growth to 3.5%.
the benefit of shareholders fell 8.1% in the period to US $ 187.2 million, the decline would reach 23%, if the operations container leasing, management and sale of unit FCHL are excluded, shares of Cosco Shipping fell apart in late March as part of its restructuring.
as a result of divestments and other activities, total assets of Cosco Shipping Ports fell nearly 25% from the previous year to US $ 5,769 billion between the periods compared.
By MundoMaritimo
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