COSCO Updated Q3 2013 Financial Report Remains Cheerless

MarineLink.com
Thursday, November 07, 2013
COSCO Zhoushan Shipyard: Photo courtesy of COSCO

COSCO Corp. (Singapore) has re-issued its unaudited Third Quarter Financial Statement for the financial period ended 30, September 2013, as follows:

Overall, net profit attributable to equity holders of the Company decreased 84.1% from $26.6 million in Q3 2012 to $4.2 million in Q3 2013 mainly due to lower contributions from dry bulk shipping and shipyard operations.

Group turnover inched up 5.6% to $989.4 million in Q3 2013 from $937.0 million in Q3 2012 owing to increases in shipyard revenue, but gross profit decreased 36.4% from $115.1 million in Q3 2012 to $73.2 million in Q3 2013 mainly due to higher inventory write-downs and provisions for expected losses recognized on construction contracts which resulted in lower profit contributions from ship building and marine engineering segments.

Turnover from shipyard operations increased marginally by 5.7% to $976.0 million in Q3 2013 from $923.5 million in Q3 2012 mainly due to growth in revenue from marine engineering segment which more than offset the lower revenue contribution from ship building & ship repair segments.

Outlook
As the Group continues construction in the rest of 2013 on new ship building contracts that were secured since 2010 at low contract values due to the slumping shipping market then, the Group expects operating margins on these new shipbuilding projects to continue to be under great pressure notwithstanding improving gains in efficiency and productivity.

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Stena Bulk Joins World Ocean Council

Stena Bulk reports it is the first Swedish shipping company to join the World Ocean Council (WOC), a global organization that converges a diverse range of maritime

CMA CGM Acquires OPDR

The CMA CGM Group has acquired the German shipping company Oldenburg-Portugiesische Dampfschiffs-Rhederei GmbH & Co. KG (OPDR), CMA CGM founder, chairman and CEO Jacques R.

EU: Ships Will Measure CO2 Emissions

Shippers to begin monitoring from 2018; Environmental groups say law is weak, shippers favorable. The shipping sector will for the first time have to monitor

Shipbuilding

Glosten Designing Vigor’s Alaska Class Ferries

Glosten using Nupas-Cadmatic software for Vigor’s Alaska Class Ferry project   Seattle-based naval architecture consultancy Glosten has joined the list of North

MacGregor's Deck Equipment For Chinese Shipyard

MacGregor, part of Cargotec, has secured a comprehensive deck equipment contract from New Times Shipyard, in China, for Intership Navigation Co Ltd's three new 36,500 dwt Laker-class bulk carriers.

Bollinger Delivers 11th FRC to the US Coast Guard

Bollinger Shipyards, Inc. has delivered the William Trump, the 11th Fast Response Cutter (FRC) to the United States Coast Guard.   The announcement was made by Bollinger Chief Operating Officer,

Bulk Carrier Trends

Stena Bulk Joins World Ocean Council

Stena Bulk reports it is the first Swedish shipping company to join the World Ocean Council (WOC), a global organization that converges a diverse range of maritime

DNV GL Examines Container and Bulk Shipping Trends

DNV GL’s latest Container Ship Forum and Bulk Carrier Forum looked at a broad spectrum of topics including environmental regulations, trends in ship design as well as the new DNV GL rule set.

Ferus Smit to Launch Newbuild Bulk Carrier

Ferus Smit will launch newbuild general bulk cargo vessel Arklow Brave on Friday, December 12, in Westerbroek.   Arklow Brave is the fifth vessel in a series

Finance

EU: Ships Will Measure CO2 Emissions

Shippers to begin monitoring from 2018; Environmental groups say law is weak, shippers favorable. The shipping sector will for the first time have to monitor

Matson Raises 2015 Westbound Hawaii Box Rates

Matson, Inc., a U.S. carrier in the Pacific, announced that Matson Navigation Company, Inc. (Matson) will raise its rates for the company's Hawaii service by $225

Hoegh Sees Tough Market until 2016-2017

Oslo-listed liquefied natural gas (LNG) shipper Hoegh LNG reported third-quarter earnings below expectations on Wednesday and said its market could remain challenging

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1626 sec (6 req/sec)