By Kyunghee Park

(Bloomberg) — Cosco Pacific Ltd., the container terminal operator of China’s largest delivery firm, reported a 30 p.c enhance in revenue final yr after the corporate wrote again a provision it made earlier.

Net earnings rose to $382 million from $293 million a yr earlier, the corporate stated in an announcement to the Hong Kong inventory change Tuesday. That beat the $300 million common estimate of 12 analysts compiled by Bloomberg. Sales dropped 8.3 p.c to $798.2 million, lagging behind an estimate for $825 million.

Cosco Pacific wrote again provisions of $79.2 million from the sale of its 21.8 p.c stake in China International Marine Containers (Group) Co. in 2013, serving to elevate web earnings. China reorganized its two largest marine teams — China Ocean Shipping Group and China Shipping Group — as a part of the federal government’s efforts to overtake inefficient state-run firms and bolster an economic system that’s rising at its slowest tempo in a long time.

Cosco Pacific’s terminals dealt with 19.3 million 20-foot containers final yr, 1.1 p.c greater than in 2014, in keeping with the assertion. The firm, which operates most of its container terminal enterprise in China, signed an settlement with PSA International for an funding in Singapore Monday.

The firm’s shares fell 1.3 p.c to HK$8.88 as of the noon buying and selling break in Hong Kong Tuesday. The shares have gained 4 p.c this yr.

Cosco Pacific stated income from the terminals companies fell by 5.8 p.c to $487 million primarily as a result of depreciation of the euro and the renminbi towards the greenback.

© 2016 Bloomberg L.P