COSCO reports a 29% increase in revenue for 2017

In 2017, the COSCO Group achieved revenue of RMB90bn from continuing operations, representing a year-on-year increase of RMB20bn or 29.45%, although revenue from the merger of Chinese Shipping Container Line (CSCL) was not consolidated until March 2016.

Net profit attributable to equity holders of the Company for 2017 was RMB2.7bn, reversing a loss of RMB9.9bn in the previous year, as it targets a June date for closing the $6.3bn takeover of Orient Overseas International Lines (OOIL) and its container line arm, OOCL.

COSCO SHIPPING Lines achieved an increase in both volume and price and completed a shipping volume of 20m TEUs, representing an increase of 23.7% as compared to the same period of last year. The average income per TEU was RMB3,723, representing an increase of 11.1% compared to the same period of last year.

Meanwhile, the Company continued to explore the potential of cost synergies and achieved a year-on-year decline of 0.9% in average cost per TEU in spite of a sharp increase in fuel price. In 2017, the total terminal throughput of COSCO SHIPPING Ports was 100m TEUs, of which the total terminal throughput in overseas regions was 18m TEUs, representing a high increase of 38.7% compared to the same period of last year.

Source: COSCO