COSCO Pacific Q3 Net Down 48.5%

COSCO Pacific Ltd. (SEHK: 1199) today announces that its net profit stepped down 48.5 percent year on year to USD 40 million in the third quarter of 2009 and down 37.4 percent to USD 144 million in the first three quarters of this year.

The Hong Kong-listed company, under the aegis of Beijing-based shipping titan China Ocean Shipping (Group) Company (COSCO), greatly expanded its operations these days.

On August 28, COSCO Pacific disclosed that it acquired a 49 percent stake in COSCO Logistics Co., Ltd. from COSCO Pacific Logistics Co., Ltd. (CP Logistics) and a 100 percent stake in Shanghai Ocean Shipping Co., Ltd. form COSCO.

The deals, involving about CNY 2 billion, will help COSCO Pacific integrate the container operations and create the mere logistics platform for the COSCO family, analysts predicted.

In late 2008, the Hong Kong-listed terminal operator signed an agreement to gain the franchise right to operate the No. 2 and No. 3 terminals at the Port of Piraeus in Greece for 35 years, told previous reports.

Source: www.163.com (October 28, 2009)

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