COSCO Q2 RESULTS

Strange.  Revenues down 36%, and they made a profit????  Very strange.


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.

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Share trading of COSCO International has been suspended since August 7 as its parent, China Ocean Shipping Company or COSCO, is planning significant forays. Shares of COSCO's Shanghai-listed units and two subsidiaries of China Shipping (Group) Company have also stopped trading.Market sources said COSCO and China Shipping plan to form a joint "reform leading group" to restructure state-controlled shipping firms.
The move is part of reforming the nation's entire state enterprise sector. MIRA DING