Cosco posts leap in profit

Cosco posts leap in profit

Cosco posted an 18.3 percent increase in profitability at the port of Piraeus during the first half of 2016, according to parent company, Cosco Shipping Ports (as Cosco Pacific is now known following the Cosco Group’s recent overall transformation).

Profits amounted to 15.86 million euros compared to 13.4 million euros in the respective period last year. Similarly, turnover was up 13.2 percent to 78.6 million euros, compared to 70 million in H1 2015.

As mentioned in the analysis of the company’s results, the improved economic performance in Piraeus is due to the rise in the number of containers handled.

The news follows a report that the amount of container traffic handled at Piraeus port grew 14.2 percent in the first seven months of this year, with 2 million containers being moved through piers II and III, which are operated by Cosco, compared to 1.76 million over the same period last year.

The Chinese giant took control of Pier I on August 10 and growth is expected to be even greater over the rest of the year. This puts Cosco’s local subsidiary Piraeus Container Terminal (PCT) in line to meet or exceed its target of moving about 3.2-3.3 million containers over the year, from 3 million last year.

By adding July’s figures as well, Cosco’s activity in Greece recorded an increase of 14.2 percent as a whole in the first seven months, handling a total of 2 million containers against 1.76 million for the same period last year. 

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