Container giant Cosco Shipping Holdings has seen its third quarter profit fall despite the takeover of OOIL boosting its top line.
Hong Kong-listed Cosco Holdings recorded net income of CNY 821.8m ($118m) in the three months to the end of September, down from CNY 872.4m 12 months previously.
Revenue climbed from CNY 24.1bn to CNY 37m year-on-year helped by the merger with its Hong-Kong listed rival. However, costs were also up as a result of the transaction.
For the first nine months of the year, Cosco Holdings logged a profit of CNY 862.2m, down by two thirds on the same period of 2017. The takeover of OOIL contributed to a 22.04% rise in operating costs.
The company has an active fleet of 498 container vessels and a further 13 newbuildings.
