COSCO (Singapore) Presents Q1 2012 Report

Press Release
Thursday, August 02, 2012

COSCO reports profits from its ship repair, conversion, & engineering projects cushioned shipbuilding losses.

Highlights:

  • Group achieved net profit attributable to equity holders of $27.6m on turnover of $975.3m against the backdrop of a difficult business environment in Q2 2012.
  • Turnover from shipyard operations decreased 2.2% to $960.8m due mainly to lower revenue contributions from ship building projects, cushioned by growth in revenue from ship repair and marine engineering segments.
  • Turnover from dry bulk shipping and other businesses increased marginally by 2.8% to $14.6m supported by contribution from other businesses which more than offset the fall in dry bulk shipping revenue due to lower charter-hire rates. 
  • Gross profit increased 56.2% to $117.4m mainly due to higher profit contributions from ship repair & conversion and marine engineering projects. 
  • Net profit attributable to equity holders of the Company slipped 13.3% to $27.6m.

Capt. Wu Zi Heng, Vice Chairman and President of the Company commented, “Our Group maintains a cautious outlook for 2012 as the state of global economy remains fragile. With excess capacity in the shipping industry and the uncertain global economic conditions, shipowners may be reluctant to place new orders for vessels and the Group may experience a decline in new orders in ship building.”

 

Maritime Today


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

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

People & Company News

Maersk Line Names Hahnemann Chief HR Officer

On August 1, 2016, Ulf Hahnemann, current Vice President for Strategic Programs at Mars Inc. will join Maersk Line as Chief Human Resources Officer (CHRO) and be

American Waterways Operators Elects Chairman

The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders

Hanjin Shipping May Get OK for Restructuring

South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line,

Finance

Pirates Switch to Kidnapping Crew as Oil Fetches Less

Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable,

Baltic Index Down for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened.

Kongsberg, DNV GL Partner to Reduce Training Costs

Kongsberg Maritime has entered a partnership with class society DNV GL to issue Product Certificates for Maritime Simulator Systems required by maritime training

 
 
Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.0979 sec (10 req/sec)