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 May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DP World Extends Title Sponsorship Until 2020

Dubai is set to remain at the epicenter of golf on The European Tour for the foreseeable future after global port operator DP World announced today that it will

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

HMAS Anzac Visits Portsmouth, UK

The Royal Australian Navy’s helicopter frigate HMAS Anzac has arrived in Portsmouth, England, as part of her NORTHERN TRIDENT 2015 deployment.   Anzac departed Sydney in March 2015,

Shipbuilding

ERMA Bullish on Ballast Water Treatment

After having delivered several BWTS systems in Kita Nihon shipyard in Japan, one more ERMA FIRST BWTS was successfully installed onboard the Bulk Carrier M/V SCARABÉ(DWT: 60,

USS Freedom (LCS 1) Completes Rough Water Trials

The littoral combat ship USS Freedom (LCS 1) completed Seakeeping and Structural Loads Trials, commonly referred to as Rough Water Trials (RWT) in late March the Navy reported May 21.

Conrad Announces Management Team Changes

Conrad Industries, Inc. announced the appointment of Scott J. Theriot as Executive Vice President and Chief Operating Officer.   Johnny Conrad, President and Chief Executive Officer,

Bulk Carrier Trends

Asia Dry Bulk-Capesize Rates Mixed on Uncertainty

Capesize rates slide after hitting 5-month high. Rates for capesize bulk carriers eased this week after hitting their highest since December, and could come

HSH Bank to Split Off Bad Shipping Loans

German lender HSH Nordbank could split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model, according to a person familiar with the matter.

CSD, Cosco JV to Buy Vale's Bulk Carriers

China Shipping Development (CSD) and Cosco have established a joint venture (JV), China Ore Shipping Pte., in Singapore to purchase four 400,000 dwt ore carriers from Vale and operate them.

Finance

DP World Extends Title Sponsorship Until 2020

Dubai is set to remain at the epicenter of golf on The European Tour for the foreseeable future after global port operator DP World announced today that it will

SCI Back in the Black after 3 Yrs

The Shipping Corporation of India Ltd (SCI), India’s largest shipping company and a Government of India Public Sector Undertaking having reported losses for

HSH Nordbank Looking to Split Off Bad Shipping Loans

HSH Nordbank AG, the world’s second-largest financier of ships, plans to split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model,

 
 
Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1992 sec (5 req/sec)