Cosco International profit shrinks 6.5pc while revenues fall 22pc
STATE-OWNED Cosco International posted a 6.5 per cent year-on-year profit decline to HK$336 million (US$43.31 million) in 2015, drawn on revenues of HK$6 billion, down 22 per cent.
"Looking forward to 2016, the global economy will experience a deepening adjustment with sluggish recovery," said managing director Liu Xianghao, in a filing to the Hong Kong stock exchange.
"The growth of international trade will slow and the financial market and commodity markets are expected to fluctuate. The global shipping market will remain depressed," he said.
Cosco International is an ancillary company, whose business includes ship trading services, marine insurance brokerage, distribution of marine equipment and parts, production and sale of coatings, and trading and supply of marine fuel and related products.
During the results briefing, Mr Liu said shipping companies have continued to expand their container fleets.
Following the restructuring of China Ocean Shipping Group (Cosco) and China Shipping Group, Cosco International's controlling shareholder, the newly-established China COSCO Shipping Corporation has a fleet of 1,114 vessels totalling 85.32 million dead weight tonnes.
STATE-OWNED Cosco International posted a 6.5 per cent year-on-year profit decline to HK$336 million (US$43.31 million) in 2015, drawn on revenues of HK$6 billion, down 22 per cent.
"Looking forward to 2016, the global economy will experience a deepening adjustment with sluggish recovery," said managing director Liu Xianghao, in a filing to the Hong Kong stock exchange.
"The growth of international trade will slow and the financial market and commodity markets are expected to fluctuate. The global shipping market will remain depressed," he said.
Cosco International is an ancillary company, whose business includes ship trading services, marine insurance brokerage, distribution of marine equipment and parts, production and sale of coatings, and trading and supply of marine fuel and related products.
During the results briefing, Mr Liu said shipping companies have continued to expand their container fleets.
Following the restructuring of China Ocean Shipping Group (Cosco) and China Shipping Group, Cosco International's controlling shareholder, the newly-established China COSCO Shipping Corporation has a fleet of 1,114 vessels totalling 85.32 million dead weight tonnes.