COSCO’s net profit exceeds $17 billion in January-September, reports Alphaliner. reports that COSCO Shipping confirmed net profit of RMB 116.7 billion, or USD 17.6 billion, for its container shipping operations in the first nine months of the year. Under the group’s dual-brand operations, OOCL contributed 48% of net transportation revenue versus 52% for COSCO Shipping Line, indicating that the smaller sub-brand has become increasingly profitable. In the same period of 2021, OOCL contributed closer to 43% of net profit, Alphaliner informs.
Combined shipping operations posted a small increase in revenue in the third quarter, but regardless of operating earnings (EBIT) and net income both declined compared to the prior three-month period.
EBIT and net income in July-Sep were RMB 46.1 billion and RMB 39 billion respectively, up from RMB 52.6 billion and RMB 44.6 billion in April-June.