Piraeus Port first half profits drop

pct

Results of the Cosco Shipping Group for the six months ended 30 June 2017 are highlighted as follows:

– Revenue increased 0.3% to US$275,776,000 (1H2016: US$274,983,000).

– Gross profit dropped by 8.2% to US$98,528,000 (1H2016: US$107,357,000). Gross profit margin dropped by 3.3 percentage points to 35.7% (1H2016: 39.0%).

– During the period, the Group completed the subscription of non-circulating domestic shares in Qingdao Port International Co., Ltd. (“QPI”) and the disposal of equity interests in Qingdao Qianwan Container Terminal Co., Ltd. (“Qingdao Qianwan Terminal”), recording a total profit after tax from one-off exceptional itemsNote 1 of US$285,392,000. Profit attributable to equity holders of the Company amounted to US$384,712,000 (1H2016: US$171,948,000), an increase of 123.7% compared with the corresponding period last year.

– Excluding profit after tax from one-off exceptional items in 2017 and profit in relation to discontinued container leasing, management and sale businesses in 2016, profit attributable to equity holders amounted to US$99,320,000 (1H2016: US$105,854,000), a 6.2% decrease compared with the corresponding period last year.

– Total throughput increased by 11.8% to 41,780,867 TEU (1H2016: 37,358,210 TEU)Note 2 ; total equity throughput increased by 8.5% to 14,133,596 TEU (1H2016: 13,022,747 TEU) Note 2 .

– Basic earnings per share for profit attributable to equity holders amounted to US12.76 cents (1H2016: US5.80 cents). Excluding discontinued operation, basic earnings per share for profit attributable to equity holders was US12.76 cents (1H2016: US3.57 cents).

– An interim dividend of HK10.3 cents per share (1H2016: HK18.0 cents) has been declared. The dividend will be payable in cash and with a scrip dividend alternative. Excluding one-off exceptional items, payout ratio is 40.0%.

RESULTS

The board of directors (the “Board”) of COSCO SHIPPING Ports Limited (the “Company” or “COSCO SHIPPING Ports”) is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2017.

The following financial information, including comparative figures, has been prepared in accordance with Hong Kong Financial Reporting Standards. The Group’s unaudited condensed consolidated balance sheet, unaudited condensed consolidated income statement, unaudited condensed consolidated statement of comprehensive income and explanatory notes 1 to 13 as presented below are extracted from the Group’s unaudited condensed consolidated interim financial information for the six months ended 30 June 2017 (the “Unaudited Condensed Consolidated Interim Financial Information”) which has been reviewed by the Company’s independent auditor, PricewaterhouseCoopers, in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”).

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