Merrill lowers estimates on Cosco Pacific by 3% to 5% for 01-03

Merrill Lynch said it has lowered its earnings estimates on Cosco Pacific Ltd. (1199) by 3 percent to 5 percent for 2001 to 2003 on the back of continued weakness in Container Terminal 8 (East). Throughput decline at CT8E was widened in the third quarter to 11.6 percent year on year, against a 5.3 percent year-on-year fall for the first half this year, bringing year-to-date throughput drop to 7.7 percent.

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