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Express News | COSCO SHIPPING Ports - Qtrly Profit Attributable US$83.9 Mln
COSCO SHIP PORT: FINANCIAL AND OPERATIONAL HIGHLIGHTS FOR THE THREE MONTHS ENDED 31 MARCH 2025
The impact of tariffs on the U.S. has already been seen: truck Transportation volume at the Port of Los Angeles has dropped by 23%, and large-scale layoffs are about to occur.
Due to the impact of tariffs, the volume of goods entering the Port of Los Angeles, the largest port in the United States, has sharply declined. A CEO in the Logistics Industry stated that the truck Transportation volume at the port has decreased by 23% year-on-year, and if the trade war is not resolved, it may drop to 50% in the coming weeks, with truck drivers facing large-scale layoffs. Some media pointed out that the significant decline in Logistics may lead to the collapse of certain parts of the warehousing Industry Chain in Southern California.
COSCO SHIP PORT: 2024 ANNUAL REPORT
COSCO SHIP PORT (01199.HK) intends to appoint RSM Chio Lim as the new auditor.
On April 16, Gloonghui announced that COSCO SHIP PORT (01199.HK) declared that PwC will complete its term and resign as the company's auditor at the conclusion of the upcoming Shareholders' Annual Meeting. Furthermore, based on the recommendation of the Audit Committee, the Board of Directors has resolved to recommend the appointment of RSM Hong Kong as the new auditor following PwC's departure, which is subject to approval by the company's shareholders at the Shareholders' Annual Meeting and the completion of the client acceptance procedures by RSM.
COSCO SHIP PORT (01199.HK) plans to hold a Board of Directors meeting on April 29 to approve the first quarter performance.
On April 14, Gelonghui reported that COSCO SHIP PORT (01199.HK) announced that it will hold a Board of Directors meeting on April 29, 2025 (Tuesday) at the 49th floor of COSCO Tower, 183 Queen's Road Central, Hong Kong. The Board of Directors will approve proposals (including) the unaudited performance of the company and its subsidiaries for the three months ending March 31, 2025, and its release.