CSP’s First Half Boosted by One-Offs, While Core Earnings Remain Lackluster
No-moat-rated Cosco Shipping Ports’, or CSP’s, first-half results contained little in the way of surprises, with the strong 124% bottom-line growth boosted by a one-off gain of USD 285 million, following its asset swap with Qingdao Port International, or QPI, while core operations remain lackluster. Despite decent 11.8% throughput growth, higher costs saw CSP’s recurring net profit fall 6.2% year over year to USD 99 million. Management expects a better second half, driven by sustainable volume g...Cosco Shipping Ports is an investment holding company. Through its subsidiaries, Co. is principally engaged in the businesses of managing and operating terminals, container leasing, management and sale, and their related businesses. Co. is organized into the following operating segments: terminals and related businesses including terminal operations, container handling, transportation and storage; and container leasing, management, sale and related businesses.
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