COSCO – Annual Results

Press Release
Friday, March 23, 2012

Cosco International reports stable profit growth in 2011, but outlook not optimistic for overall shipping market in 2012

  • Revenue rose by 23% to HK$10,656,121,000. Gross profit increased by 25% to HK$892,035,000. Overall average gross profit margin stood at 8%.
  • Steady core profit growth: profit before income tax from shipping services business increased by 19% to HK$487,770,000. Profit before income tax from coatings, marine equipment and spare parts, and insurance brokerage business segments increased by 58%, 36% and 6% respectively.
  • Due to the Group's disposal of its entire shareholding in SOLHL in December 2010, the Group's results for the year no longer included items in relation to the investment and disposal of shareholding in SOLHL. Profit attributable to equity holders of the Company, therefore, declined by 69% to HK$390,339,000. If items in relation to the investment and disposal of shareholding in SOLHL were excluded from 2010 results, profit attributable to equity holders of the Company would have increased by 36% on the same basis.
  • Basic earnings per share was 25.80 HK cents. The Board has recommended a final dividend of 7 HK cents per share. Together with the interim dividend of 2 HK cents per share, the total dividends of 9 HK cents per share represented a dividend payout ratio of 35%.
  • Strong cash position to support future development: the Group had net cash of HK$5,668,823,000 as at 31st December 2011.

Outlook

 In 2012, the outlook of the overall shipping market is still not optimistic. On one hand, weaker consumption in developed countries will slow down the growth of global trading volumes; on the other hand, overcapacity will remain unfavorable to the shipping market because of a large amount of new build vessels to be delivered.

Mr. Ye Weilong, Chairman of COSCO International commented, "Facing excess capacity in the global shipping market, surging oil prices and environmental protection requirements raised by International Maritime Organization, shipowners have to improve operating efficiency and reduce operating costs to enhance their profitability.

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

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Shipbuilding

Damen Outfitting First of Nine Bahamas Patrol Boats

The first of nine Damen Stan Patrol 3007s ordered by the Royal Bahamas Defense Force has arrived at Damen Shipyards Gorinchem in the Netherlands for outfitting.

Liquefaction Terminals to Dominate LNG Capital Expenditure

Capital expenditure (Capex) on global LNG facilities is expected to total $259 billion (bn) over the period 2015-2019, with investments expected to be 88% larger

New Chinese Shipyard Launches First Ship

The new shipyard facility of Honghua Offshore Oil & Gas Equipment Company in Jiangsu, China, has launched its first ship, an IMT982 Platform Supply Vessel. The vessel,

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.1512 sec (7 req/sec)