China’s Cosco Reports US$13.6m Profit from Greece’s Piraeus Terminal

Chinese giant Cosco reported profits for the first half of 2018 in excess of US$13 million from Greece’s Piraeus Terminal, where the group has a controlling stake.

Due to the appreciation of the euro, profit recorded by Piraeus Terminal from January to June increased to US$13.64 million from US$10.84 million, up by 25.8 percent on-year, the group said.

In the first half, the container throughput of Piraeus Terminal was 2.07 million TEU, from 1.75 million TEU in the same period of 2017, up by 18.4 percent.

Revenue of Piraeus Terminal gained by 31 percent to US$111.45 million in the first half, from US$85.10 million in 2017.

Overall, the first half net profit at Cosco Shipping Ports soared by 70.1 percent to US$168.98 million, the company reported on Monday.