COSCO SHIPPING Ports registers increased Q1 gross profit & revenue

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COSCO SHIPPING Ports Ltd, the worlds leading ports operator, has announced the first quarter results of the company and its subsidiaries (the Group) for the 3 months ended March 31, 2021.

2021 First Quarter Results Highlights

* Revenue increased by 20.3% YoY to $265.3 million

* Gross profit increased by 35.9% YoY to $61.9 million

* Share of profits from joint ventures and associates increased by 54.8% YoY to $81 million

* Profit attributable to equity holders of the company decreased by 20.5% YoY to $73 million

* Profit attributable to equity holders of the company was $73 million, an increase of 140.1% (excluding one-off items)

Financial review

COSCO SHIPPING Ports business maintained the strong momentum in the first quarter of 2021. Excluding one-off gain from disposal of Yangzhou Yuanyang Terminal and Zhangjiagang Terminal, adjusted profit attributable to equity holders of the company in 1Q2021 surged by 140.1% YoY to $73 million. The revenue for 1Q2021 was up 20.3% YoY to $265.3 million. The gross profit in the first quarter was up by 35.9% YoY to $61.9 million. During the period, driven from the positive impact from its lean operations strategy, revenue growth outpaced cost of sales growth, which fuelled the growth of gross profit. Share of profits from joint ventures and associates in the first quarter increased by 54.8% YoY to $81 million, highlighted a release.

Operational review

* Total throughput was 30,187,744 TEU, +9.9% YoY

* Total equity throughput was 9,293,125 TEU, +7.2% YoY

* Total throughput from subsidiaries was 5,365,528 TEU, +5.3% YoY