COSCO profit up 5pc
Thursday, August 20, 2015
COSCO International Holdings (0517) posted a 5 percent rise in interim net profit to HK$200.3 million from a year back while revenue sank 36 percent to HK$3.03 billion as earnings fell from selling marine fuel.
Earnings per share hit 13.07 HK cents and an interim dividend of 7 HK cents was proposed. Gross profit slipped 13 percent to HK$368.61 million due to a decrease in commission income. But gross profit margin rose 12 percent from 9 percent a year earlier. As at June 30, COSCO International had a net cash position of HK$6.06 billion.
Managing director Xu Zhengjun said the shipping market in the second half would continue to suffer from an imbalance in supply and demand.
The move is part of reforming the nation's entire state enterprise sector. MIRA DING