Yesterday (April 26), COSCO Shipping Port Co., Ltd. released its 2023 first quarter earnings report.
Financial data shows:
In the first quarter of 2023, COSCO's port revenue fell 0.5 per cent year-on-year to $0.328 billion (about 2.27 billion yuan), while gross profit rose 11.2 per cent year-on-year to $89.9 million (about 0.62 billion yuan).
Mainly affected by the profit of joint ventures and associates falling by 16.4 to 69 million US dollars, the net profit attributable to shareholders of listed companies decreased by 17.9 to 62.5 million US dollars (about 0.43 billion yuan).
As of March 31, 2023, COSCO's total port throughput was basically flat year-on-year, 30,305,420 TEUs; the group's total throughput decreased by 11.1 to 6,654,729 TEUs, accounting for 22.0 of the group's total throughput; The total throughput of non-holding terminal companies increased by 3.7 to 23,650,691 TEUs.
During the reporting period, equity throughput decreased by 2.5 per cent year-on-year to 9,609,708 TEUs, while the Group's holding terminal company's equity throughput decreased by 9.5 per cent year-on-year to 4,069,787 TEUs, accounting for 42.4 per cent of the Group's equity throughput, while the non-holding terminal company's equity throughput increased by 3.3 per cent year-on-year to 5,539,921 TEUs.
Among them, China's terminal total throughput rose 0.6 percent year-on-year to 22,650,786 TEUs, accounting for 74.7 percent of the Group's total throughput; China's terminal equity throughput fell 1.6 percent year-on-year to 6,629,855 TEUs, accounting for 69.0 percent of the Group's equity throughput.
Overseas regional total throughput slightly decreased by 1.5 to 7,654,634 TEUs, the overall remained stable, accounting for 25.3 of the Group's total throughput; overseas regional equity throughput decreased by 4.5 to 2,979,853 TEUs, accounting for 31.0 of the Group's equity throughput.
Looking to the future, COSCO Shipping Port said: "In the first three months, China's foreign trade import and export started a steady and good start. According to the General Administration of Customs of China, the total value of China's goods trade import and export in the first quarter was 9.89 trillion yuan, up 4.8 percent year-on-year. Among them, exports were 5.65 trillion yuan, up 8.4 percent; imports were 4.24 trillion yuan, up 0.2 percent."
"There are still many uncertain factors in the global macro economy. However, in the face of difficulties and challenges, the market still has opportunities. 2023 is the connecting year for the Group to implement the 14th Five-Year Plan. With the leading position of COSCO Shipping Ports in the global port operator industry, we will continue to seize strategic opportunities, continue to promote the global market layout, and actively explore emerging markets and regions. Market investment and development opportunities, focus on exploring projects with global development potential, strengthen the global terminal network, and promote the company's scale expansion."
"At the same time, the group will continue to deepen the lean operation strategy, strengthen the management and control ability of the terminal, strengthen the market development, improve the quality and upgrade, pay attention to reducing costs and increasing efficiency in the terminal operation and management, further improve the profitability, promote the high-quality development, strive to achieve more core competitiveness of sustainable development, and accelerate the progress towards the goal of" building a customer-centered global leading comprehensive port operator "."
Source: one shipping