Cosco Pacific better

Cosco Pacific has recorded a rise in underlying first half profit aided by higher volumes.

Hong Kong-listed Cosco Pacific booked a gain of $146.8m in the opening six months of 2014, compared with the $560.3m last year which was elevated by asset sales.

Stripping out the 2013 hike following the sale of shares in China International Marine Containers, Cosco Pacific’s bottom line was up year-on-year.

Barclays Capital says investors should focus on the recurring income of $158m, a 6% year-on-year rise.

Barclays analysts explain the results were in line with expectations with strong income from terminals offset by weakness in the leasing division.

Results from the container leasing division were up 18% to $109m, helped by the purchase of the ACT terminal in March this year and increased throughput at 19 of the 21 facilities, Barclays notes.

Container leasing profit was down by almost one third to $53m.

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