CSP's First Half Slightly Missed, but Expecting Positive Synergies Following Asset Restructure
Cosco Shipping Ports', or CSP’s, first-half result was slightly disappointing, with recurring net profit declining 23% year over year to USD 106 million, 43% of our full-year forecast. The shortfall is mainly attributable to lower-than-expected throughput volume and higher tax, owing to the end of concessions at selected terminals. Nonetheless, we see a sequential improvement in the second quarter, with core profit declining 21% to USD 63 million, versus a 26% drop in the first quarter to USD 43...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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