China Shipbuilding Giant: 2012 Turnover Down, Profit Increase

Press Release
Wednesday, April 03, 2013
COSCO Chairman Ma Ze Hua
: Photo credit COSCO

COSCO Chairman Ma Ze Hua
 comments on the group's 2012 annual financial report.

The following is extracted from Mr Ma's letter to stakeholders:

It has been a challenging year for the Group. Turnover declined 10.3% to $3.7 billion, from $4.2 billion a year ago. Gross profit grew 27.3% from $380.8 million the previous year to $484.9 million for the year under review, mainly due to higher profit contributions from shipyard operations. Net profit attributable to shareholders amounted to $105.7 million, a decrease of 24.3% from $139.7 million in 2011. Earnings per share came in at 4.7 cents as compared to 6.2 cents in 2011.

Overall, the Group's results were underpinned by the continued momentum in the offshore marine engineering segment, which helped to offset the lower contribution from ship building projects. The shipyard segment continued to be the biggest contributor to revenue, accounting for 98.6% of Group turnover in 2012. Revenue from dry bulk shipping and other businesses declined by 19.6% to $53.7 million from $66.8 million previously, due to significantly lower shipping rates.

During the year under review, we delivered a total of 32 bulk carriers and six offshore marine engineering projects, namely a cylindrical deepwater semi-submersible drilling unit, a deep-water semi-submersible drilling rig for the North Sea, a DP2 (Dynamic Positioning 2) shuttle tanker, a windmill turbine installation vessel, a tender drilling rig and a semi-submersible barge.

Our order book stood at USD6.1 billion as at 31 December 2012, with progressive deliveries till 2015. New orders received during the year amounted to USD2.0 billion, which include one Floating Production Storage and Offloading (FPSO) unit, one windmill turbine installation vessel, one jack-up drilling rig, one jack-up barge, one tender rig, one semi-submersible accommodation vessel, one semi-submersible accommodation rig, two pipelay heavylift offshore construction vessels, two tender barges, five bulk carriers and eight platform supply vessels.
 


 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Horizon Delivers Towboat Marty Cullinan for FMT

In June 2016 Horizon Shipbuilding, Inc. of Bayou La Batre, Ala. delivered the M/V Marty Cullinan, a 120’ towboat with a retractable pilot house, to its home port of New Orleans, La.

New Dredger for North Carolina’s Coastal Waterways

The North Carolina Department of Transportation recently took delivery of a new, fully customized cutter suction dredge, which it christened the Dredge Manteo in a ceremony held April 28,

New 'Mega Passenger Ship' for Star Cruises

Elomatic Ltd and Deltamarin Ltd have signed a tri-party engineering contract with shipbuilder MV Werften for the design of Star Cruises’ new Global Class “mega passenger ship,

Finance

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast

Daewoo Shipbuilding: $1.4 bln order Cancelled

Cancelled order part of Statoil's Bressay project. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Friday said a 1.58 trillion won ($1.41 billion)

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Ship Repair Ship Simulators 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: 0.0866 sec (12 req/sec)