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            november 15, 2019

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Cosco International profit off 33pc


Cosco International posted 33 per cent year-on-year net profit loss in 2013 to HK$242 million (US$31.1 million), drawn on revenues of HK$9.3 billion, down seven per cent, according to Shipping Gazette.
"Better-than-expected results in a challenging market," said the Cosco statement. "Gross profit grew by one per cent to HK$694 million as a result of the revenue increase of some businesses with higher gross profit margins."
In 2013, the shipping market was still weak, and shipowners adopted strict cost control measures and postponed the newbuild deliveries, the company said.
"Together with the keen competition in the coatings market and marked decrease in newbuild vessel deliveries, the group's various core business segments were adversely affected," said the company statement.
As a result, pre-tax profit from shipping services declined 27 per cent year on year to HK$294 million, said the company. "Net cash inflow generated from operating activities for 2013 was HK$361 million. The group had net cash of HK$6.2 billion as of December 31."
COSCO International improved its business geographic presence and global service network by completing the acquisition of Hanyuan Technical Service Centre in Germany from COSCO Group in 2013, the company statement said.
"Now, the company is in discussions with COSCO Americas for a possible acquisition of Yuan Hua Technical & Supply Corporation in the US," said the Cosco statement.
Jotun COSCO and COSCO Kansai maintained their No 1 leading positions in China marine coatings and container coatings markets for years, and fully propelled the construction of the two new plants in Qingdao and Shanghai respectively in 2013. The construction of Jotun COSCO's plant in Qingdao has been completed and production will start soon, and COSCO Kansai's plant in Shanghai is scheduled to commence production in 2015, said the statement.
Pretax profit from the three traditional shipping services for shipowners (ie, ship trading agency, marine insurance brokerage and supply of marine equipment and spare parts) declined 12 per cent year on year to HK$167 million, contributing 50 per cent of the group's total pre-tax profit.
Said COSCO International chairman Sun Jiakang: "Looking forward, with strong financial strength, experienced professionals and global service network, COSCO International's shipping services will see more opportunities."

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