Cosco profits tumble in downturn

Cosco Pacific, Asia’s third-biggest container-terminal operator, posted a 49 per cent drop in third-quarter profit yesterday as the recession hit world trade. Net income slumped to $40m (£22m) from $77.7m a year earlier, the Hong Kong-based company said. Sales fell 8.5 per cent to $83.4m, it added. Container traffic fell 4.2 per cent in the period, as recessions in the US and Europe saw demand slide for shipments of Asian-made toys, furniture and other goods.