Asia

Cosco Corporation achieves $484.9m gross profit in 2012

Singapore: Singapore-listed Cosco Corporation (Singapore) Limited reports a US$3.7bn turnover and $484.9m in gross profit for 2012.

Turnover dropped 10.3% year-on-year thanks to the paucity in newbuild orders and poor freight rates, but profit jumped 27.3%.

Wu Ziheng, vice chairman and president of the company said, “We expect the global economies to remain soft and competition to continue to heat up in 2013 as more players enter the offshore marine engineering segment. Our group will bolster our marketing capabilities to better understand and meet customers’ needs as we continue to enhance our offerings.”

Last year, the company received US$2bn in new orders. Importantly, what Cosco Shipyard has done in the past 18 months is rev up its offshore ambitions whereby there are now three of its yards building offshore products.

Cosco Corporation’s results stand in stark contrast to other listed parts of the group where in Shanghai and Hong Kong vats of red ink are being poured.  [25/02/13]

 

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