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

Shipbuilding

First Supramax Vessel for Japan-Italy Venture

'DACC Tirreno' was delivered at the Oshima shipyard in Japan yesterday, the first of four Supramax bulk carriers for the dACC Maritime Limited fleet, the joint

Austal Graduates 48 4-Yr Apprentices

Austal USA combined two classes to graduate a total of 48 members of Austal’s cutting-edge four-year apprenticeship program yesterday at a formal ceremony held at the Arthur R.

BAE Systems to Expand San Diego Shipyard

BAE Systems announced it will invest approximately $100 million to expand drydocking capabilities at its San Diego shipyard.   The investment, which will include

Finance

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Puerto Rico Readies for Largest Cruise Ships

Thanks to a pier expansion and enhancement, Puerto Rico will welcome the two largest cruise ships in the world, Royal Caribbean International’s Oasis of the Seas and Allure of the Seas, in 2016.

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority 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: 0.1614 sec (6 req/sec)