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

Shipbuilding

FMT Options for another Towboat from Eastern

Eastern Shipbuilding Group, Inc. announce that Florida Marine Transporters, Inc. of Mandeville, La. exercised another additional 90’x32’x10’ “Canal Class” Inland

Tuco Debuts New Wind Farm Service Boat

Less than a week before the Offshore Energy 2014 Exhibition and Conference in Amsterdam the coming week, Tuco Marine disclosed the newest vessel in the ProZero series of Fast Rescue Boats,

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

Finance

Caterpillar: Q3 Results Show Improvement

Caterpillar Inc. today announced its third-quarter results, in which it reported profit per share of $1.63 for the third quarter of 2014, an increase from third-quarter 2013 profit per share of $1.

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

Yara Reports Strong 3Q Results

Yara International ASA delivered strong third-quarter results, with record fertilizer deliveries and continued margin benefit from lower European gas price. "Yara

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1609 sec (6 req/sec)