China COSCO Holdings Company Limited, a global provider of integrated shipping and logistics services, announced its financial results for the first quarter of 2008.
In the first quarter of 2008, the Group’s revenue was RMB28,025,289,000. Net profit attributable to the shareholders of the listed company amounted to RMB6,132,218,000, an increase of 135.9% based on the consolidated pro forma basis compared to the same period of last year. Basic earnings per share were RMB 0.60.
CONTAINER SHIPPING AND RELATED BUSINESSES
For the first quarter ended 31 March 2008, the shipping volume of container shipping of the Group reached 1,415,371 teus, representing an increase of 9.3% over the same period of last year. Revenue from container shipping operations increased by 20.1% to RMB 9,955,137,715.
In Q1 2008, shipping volume and revenue of Asia-Europe and PRC routes maintained strong growth. Respective shipping volume increased by 13.6% and 38.3%, while respective turnover grew by 36% and 117.2%. The revenue contribution of Asia-Europe route has exceeded that of Trans-Pacific route, becoming number one in revenue contribution of the Group. Driven by the strong domestic demand in China, the PRC route is set to be one of the highlights of container shipping business this year.
DRY BULK SHIPPING BUSINESS
In Q1 2008, the international dry bulk shipping market continued its upward momentum in 2007, maintaining relatively strong prospects. Though BDI dropped in January 2008 due to the iron ore negotiation and seasonal cyclical factors, it rebounded in February and March due to the favorable development trend in the steel industry and strong coal demand. In 1Q 2008, the average BDI was 7,343, a decrease of 28.8% as compared to the average BDI in Q4 2007, but an increase of 57.3% as compared to Q1 2007.
In Q1 2008, the Group’s dry bulk shipping business maintained a strong growth, and completed a shipping volume of 67,939,082 tons, representing an increase of 7.5 % as compared to the same period of 2007.
As at 31 March 2008, the Group operated 417 vessels, with a total of 33 million dwt. Of these, 203 vessels were self-owned vessels, totaled 13 million dwt; 214 vessels were chartered vessels, totaled 20 million dwt.
In Q1 2008, the Group’s logistics business maintained a stable development trend. Of which, the business volumes of home appliances and chemical logistics achieved significant growth as compared to the same period of last year, increased by 34.1% and 38.1% respectively.
TERMINAL AND RELATED BUSINESS
In Q1 2008, the container throughput of the Group reached 10,396,235 teus, representing an increase of 22.2% as compared to the same period of 2007. The throughput in the Bohai Rim, Yangtze River Delta, Pearl River Delta and overseas increased 10.4%, 14.6%, 20.9% and 177.8% respectively as compared to the same period of last year.