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.


  • 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 Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Höegh Names SSL as its Agent in Finland

Höegh Autoliners appointed Scandinavian Shipping & Logistics, which has already worked with the Norwegian ocean carrier in Sweden and Norway for several years, as its agent in Finland, effective Dec.

Volvo Ocean Race Partners with Yacht Racing Forum

The Volvo Ocean Race has agreed a three-year partnership with the Yacht Racing Forum.   "We are delighted to welcome the Volvo Ocean Race as a long-term partner,

Danelec Marine Expands in Brazil

Press release - Danelec Marine has announced that it is expanding its presence in Brazil by naming Telnav Telecomuniçacões Navais a Certified Service Center. With


Rolls-Royce to Cut More Staff of Marine Unit

Britain's Rolls-Royce said it would cut an additional 400 staff from its marine business by the end of next year, its latest move to make the unit more efficient

Wärtsilä Debuts Package for hydropower & industrial plant

Wärtsilä Corporation, a global leader in complete lifecycle power solutions for the marine and energy markets, expands into a new market segment, offering a comprehensive package of seals,

Smith Taken on Rolls-Royce Holdings Board

Rolls-Royce Holdings plc today announces the appointment of Sir Kevin Smith CBE as a Non-Executive Director.  Sir Kevin will join the Board with effect from

Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators
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: 0.1641 sec (6 req/sec)