COSCO Pacific Limited reports results

The Group’s revenue rose by 27.8% to US$446,492,000 (2009: US$349,424,000). The first full-year contribution of revenue from Piraeus Container Terminal S.A. (“Piraeus Terminal”), a wholly owned subsidiary of the Company, led the terminal divisional revenue to achieve a strong growth by 63.5% to US$195,594,000. The revenue from container leasing, management and sale businesses increased by 9.2% to US$250,898,000 Gross profit rose by 11.7% to US$166,724,000 (2009: US$149,250,000). Piraeus Terminal, undergoing its ramp-up period, and having incurred high operating cost in the first half of 2010, affected the gross profit of the Group Profit attributable to equity holders rose significantly by 109.4% to US$361,307,000 (2009: US$172,526,000). Excluding the non-recurring items Note 1, profit attributable to equity holders of the Company increased by 92.7% to US$269,577,000 (2009: US$139,890,000)
Proposed final cash dividend of US2.483 cents (2009: US1.199 cents). Full-year dividend to be US5.668 cents (2009: US3.061 cents) with payout ratio of 40.0% (2009: 40.0%)
Ranked as the fifth largest container terminal operator in the world, the Group’s container throughput rose by 19.4% to 48,523,870 TEUs. During the year, the Group acquired approximately 10% additional equity interest in Yantian terminal, which accelerated the Group’s equity throughputNote 2 by 29.3% to 12,236,920 TEUs, and the profit from the terminal business grew by 43.5% to US$119,882,000 Ranked as the third largest container leasing company in the world, the Group’s container fleet size increased year-on-year by 3.1% to 1,631,783 TEUs. During the year, strong container demand facilitated the rise in utilisation rate of the container fleet significantly by 6.7 percentage points to 97.3%. Profit from the container leasing, management and sale businesses increased by 35.0% to US$96,366,000 Profit from the container manufacturing business increased significantly by 197.5% to US$91,871,000 The Company won the “Corporate Governance Asia Recognition Award” given by Corporate Governance Asia magazine for the fourth consecutive year and was recognised as the Hong Kong outstanding enterprise by Economist Digest magazine for the sixth consecutive year. The Company also won “The Asset Corporate Governance Gold Award for Investor Relations” given by The Asset magazine. Meanwhile, the 2009 annual report of the Company was recognised by a citation for corporate governance disclosure by Hong Kong Management Association
The Company was awarded “Foreign Company In-House Team of the Year” by Asian Legal Business, a well recognised professional magazine.
Source: Cosco Pacific Ltd.