Cosco Pacific: Profit little changed due to slowdown

Cosco Pacific Ltd, the container-terminal arm of China's largest shipping group, said third-quarter profit was little changed from a year earlier as a trade slowdown pinched cargo volumes.

Net income rose 3.9 percent to $98.2 million, the Hong Kong-based company said in a statement to the city's stock exchange on Wednesday. Excluding a contribution from a stake in a container-maker and non-recurring items, profit fell 0.5 percent to $76.6 million, it said.

Volume growth at the company's container terminals slowed to 9.2 percent, from 11 percent in the first half, as recessions in Europe sapped demand for Chinese-made toys, clothes and furniture.

Cosco Pacific's terminals handled 14.6 million containers in the third quarter.

China Daily-Agencies