COSCO Shipping Ports nearly tripled its earnings in 2017 thanks to increased handling volumes and a one-time benefit from the sale of certain terminal assets, according to the company’s most recent financial results.
The port terminal operating arm of Chinese state-run conglomerate COSCO Shipping, formerly known as COSCO Pacific, reported a net profit of $512.5 million for the full year in 2017, a 183.2 percent increase from the prior year.
The company posted basic earnings per share (EPS) of $0.17 compared with $0.08 per share in 2016 as revenues rose 14.1 percent to $634.7 million.
The surge in profits included $285.4 million from the May 2017 divestment of the company’s shares in Qingdao Qianwan Container Terminal Co., a deal that also saw COSCO Ports pick up a 20 percent stake in Qingdao Port International Co. (QPI).
Adjusted to exclude the one-off effects of those items and profits relating to businesses that were discontinued in 2016, COSCO Ports' profits climbed 25 percent year-over-year to $227.1 million.