China COSCO announced Q3 Results of 2009

2009-10-30

(October 29, 2009, Hong Kong) China COSCO Holdings Company Limited (“China COSCO” or “the Group”, HKEx:01919, SSE:601919), a leading global provider of integrated shipping and logistics services, today announced its financial results for the third quarter of 2009.

In the third quarter of 2009, China COSCO recorded revenues of RMB 15.83 billion, a decrease of 52.4% as compared to the same period of last year. Loss attributable to equity holders of the company was RMB 691 million, down 126.9%; basic loss per share reached RMB 0.07. The accumulating basic loss per share for the three quarters was RMB 0.52.

Operations of business units

Container shipping and related businesses
For the third quarter ended September 30, 2009, the shipping volume of container shipping of the Group reached 1,426,646 TEUs, a decrease of 6.5% over the same period of last year. Revenue from container shipping operations decreased 39.5% to RMB 6,255,258,000. The shipping volume of container shipping of the Group in the first three quarters of 2009 was 3,780,989 TEUs, a decrease of 16.7% over the same period of last year. Revenue from container shipping operations for the first three quarters decreased 49.6% to RMB 15.29 billion.

For the third quarter ended 2009, the fleet operated by the Group comprised 146 container vessels with a shipping capacity of 549,639 TEUs. The Group had an order book of 57 container vessels (construction orders and charter orders) with a total shipping capacity of 430,226 TEUs.

Dry Bulk Shipping Business
For the third quarter of 2009, shipping volume of the Group’s dry bulk shipping business recorded 72,534,870 tons, representing an increase of 0.5% compared to the same period of last year.

As at September 30, 2009, the Group operated 438 dry bulk vessels, with a total of 35.4 million DWT. Of these, 215 vessels were self-owned vessels, totaled 15.1 million DWT; 223 vessels were chartered vessels, totaled 20.3 million DWT. Meanwhile, the Group had new ship orders of 38 vessels, with a total of 5.593 million DWT.

Logistics Business
For the first three quarters in 2009 the Group’s logistics business maintained a stable development trend. The business volume of chemical logistics increased by 29.8% as compared to the same period of last year.

Terminal and Related Business
For the third quarter of 2009, the container throughput of the Group recorded 11,650,000 TEUs, representing a decrease of 4.2% as compared to the same period of 2008. For the first three quarters of 2009, the container throughput of the Group recorded 31,860,000 TEUs, down 7.0% over the same period of 2008.

China COSCO