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Cosco's revenue boosted by OOCL acquisition

Cosco Shipping Holdings saw its revenue grow in the first nine months of 2018 with contributions from OOCL acquisition, though net profits dipped.

The acquisiton of Hong Kong-based OOCL added to the Chinese state-owned shipping group's revenue in the third quarter, though the purchase also led to a surge in costs, show the company's interim report.

Cosco's revenue increased 21.5 percent in the first nine months of 2018 to RMB 82.1 billion (USD 11.8 billion) against RMB 67.6 billion in the same period last year. Of this revenue, 19.9 percent, or RMB 78.0 billion, came from container shipping.

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