COSCO Pacific Limited 3Q profit down 5.5%

The company’s profit for the three months ended 30 September 2011 was less than US$95m.

COSCO Pacific said, “Excluding the non-recurring items, profit attributable to equity holders of the Company decreased by 5.5% and increased by 54.9% to US$94,497,000 and US$307,140,000 respectively (three months and nine months ended 30 September 2010: US$100,041,000 and US$198,249,000 respectively). Including the non-recurring items, profit attributable to equity holders decreased by 5.5% and increased by 14.3% to US$94,497,000 and US$331,538,000 respectively (three months and nine months ended 30 September 2010: US$100,041,000 and US$289,979,000 respectively).”

Non-recurring items in the nine months ended 30 September 2011 include gain on release of exchange reserve of US$11,841,000 upon reclassification of COSCO Ports (Nansha) Limited and its subsidiary, Guangzhou South China Oceangate Container Terminal Company Limited, from jointly controlled entities to subsidiaries starting from 1 January 2011 and profit on disposal of Qingdao Cosport International Container Terminals Co., Ltd. of US$12,557,000.