COSCO Pacific to Sell Logistics Stake to Parent Company

Chinese container terminal operator COSCO Pacific is to sell its 49% stake in COSCO Logistics to its parent company after its operating profit posted a 32% drop in the first half of 2009. The unit of state-controlled China COSCO Holdings said profit hit $104.5m, down from $153.2m in t

Chinese container terminal operator COSCO Pacific is to sell its 49% stake in COSCO Logistics to its parent company after its operating profit posted a 32% drop in the first half of 2009.

The unit of state-controlled China COSCO Holdings said profit hit $104.5m, down from $153.2m in the same period a year ago, on a 1.9% decline in revenue, bairdmaritime.com reports.

COSCO Pacific, the third-largest container terminal operator in Asia, will gain $102.5m from the sale, the company said.