Net profit of Cosco's shipping in the first quarter increased 60 times
COSCO SHIPPING HOLDINGS announced that net profit of its container business increased in the first quarter of 2021 to US $ 2.7 billion, up from US $ 45 million in the same period last year. The Cosco Group's total operating revenue in the first quarter increased by 80%., to 64.8 billion yuan (US $ 10 billion). Revenue from the shipping business, which includes COSCO SHIPPING Lines and OOCL, rose 82.25% to $ 9.8 billion. At the same time, the proceeds from the actual transportation amounted to USD 9.33 billion. CSL's revenue increased 83% to US $ 6.36 billion.
The group's container traffic for the quarter amounted to 6.78 million TEU, which is 21% more than in the same period last year. Revenue per TEU increased by 2/3 to $ 1608, net income for the quarter was $ 2.67 billion, EBIT operating income was $ 2.93 billion.
COSCO SHIPPING Lines accounted for about 70% of the total volume and revenue of the entire shipping division - 4.8 million TEU and 6.36 billion US dollars. CSL's revenue per TEU was higher than the group average of USD 1,669.3 per TEU. However, its profitability is lower than that of OOCL. CSL's net income for the quarter was USD 1.55 billion. OOCL retains $ 1.16 billion in net profit. That is, CSL's profit per TEU averaged $ 586, compared to OOCL's $ 320 per TEU.
Hong Kong carrier OOCL joined the Chinese holding company COSCO SHIPPING in the summer of 2018. Earlier, OOCL did not show its profit: only data on revenue and volumes were published, - reports TASS.