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

Shipbuilding

Alaska, Washington to build Arctic Icebreakers

Senator Lisa Murkowski, Alaska, and Senator Maria Cantwell, Washington, have introduced a bill that would authorize the Navy to build up six icebreakers for use by the U.

Launch of First Future Destroyer, Hobart

Speech delivered by the Minister for Defence, Kevin Andrews during the launch of Hobart - the first future destroyer: Thank you for being here on this very important day.

Fincantieri Invests In Camper & Nicholsons

Fincantieri has signed an agreement for the acquisition of a minority stake via capital injection in Camper & Nicholsons International (Camper & Nicholsons), the

Finance

Solarworld Wants Duties on Chinese Solar Goods in U.S. Extended

German solar manufacturer SolarWorld will apply to the United States for an extension of duties on Chinese panel imports that are due to end this year, weekly Euro am Sonntag said.

Sea Urchin Haven Disturbed by Oil Spill

Stephanie Mutz makes a living plucking sea urchins from the Santa Barbara coast and selling the prickly treasure to upscale restaurants in Southern California.

Viking Orders 2 Liebherr Cranes

An LR 1300 with super lift equipment and an LR 1160 crawler crane will strengthen the fleet of Viking Cranes. The Tallinn-based company with branch offices

 
 
Maritime Careers / Shipboard Positions Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1382 sec (7 req/sec)