CHINA Cosco Holdings posted a 183 per cent increase in first half net profit to US$295 million, drawn on revenues of $4.6 billion which declined 7.9 per cent year on year.
China Cosco benefited from $600 million in subsidies from Beijing for scrapping older vessels without which the state-owned enterprise would have ended the first half in the red.
Most of China Cosco's revenue came from the Asia-US trade that grew 20 per cent to $1.3 billion. Asia-Europe fell seven per cent to $819 million.
Volumes carried by China Cosco's container unit Coscon in the first half increased 6.8 per cent year on year to 4.8 million TEU, with revenue per TEU falling 1.7 per cent to $677.
China Cosco had 185 container vessels with a capacity of 879,070 TEUs, up 10.7 per cent year on year.
China Cosco said it had benefited from lower bunker costs during the first half.
China Cosco operates a fleet of 220 bulk carriers with a total capacity of 22.15 million dwt and a further 40 bulkers with 3.47 million dwt combined capacity on order. It also has 185 containerships with a total capacity of 879,070 TEU and another 10 units of 117,960 TEU in capacity on order.
In the filings to the Hong Kong stock exchange, no mention was made of the ongoing discussions between CSCL and Cosco on merging the two container divisions. The shares of CSCL, China Shipping Development, China Cosco Holdings and Cosco Pacific remain suspended as the merger talks continue.
WORLD SHIPPING
28 August 2015 - 22:13
China Cosco profit soars 183pc to US$295 million as revenue declines 7.9pc
CHINA Cosco Holdings posted a 183 per cent increase in first half net profit to US$295 million, drawn on revenues of $4.6 billion which declined 7.9 per cent year on year.
WORLD SHIPPING
28 August 2015 - 22:13
China Cosco profit soars 183pc to US$295 million as revenue declines 7.9pc
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