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Cosco International H1 profit up 45pc to US$24.5 million
HONG KONG-listed Cosco International has posted a 45 per cent year-on year first half net profit increase to HK$190 million (US$24.5 million), drawn on revenues of HK$4.7 billion, up six per cent.
The shipping services arm of state-owned Cosco Group said it has built up a big war chest and intends to expand its service network globally and explore business opportunities outside the group.
揅osco International will seize opportunities, study business developments as well as the upstream and downstream along the value chain,?said Cosco International chairman Sun Jiakang.
Cosco International recently agreed to purchase 51 per cent of spare parts supplier Yuan Hua from Cosco Americas, a Cosco Group unit for US$472,800.
Cosco International抯 ship trading agency enjoyed much higher commission income, as Chinese owners sped up renewals of their fleets after Beijing enhanced the scrapping subsidy scheme.
揅hinese shipowners will continue to scrap old vessels and order new ones, making the transaction of both newbuilds and second-hand vessels remain active in the second half,?the company said.
The shipping services arm of state-owned Cosco Group said it has built up a big war chest and intends to expand its service network globally and explore business opportunities outside the group.
揅osco International will seize opportunities, study business developments as well as the upstream and downstream along the value chain,?said Cosco International chairman Sun Jiakang.
Cosco International recently agreed to purchase 51 per cent of spare parts supplier Yuan Hua from Cosco Americas, a Cosco Group unit for US$472,800.
Cosco International抯 ship trading agency enjoyed much higher commission income, as Chinese owners sped up renewals of their fleets after Beijing enhanced the scrapping subsidy scheme.
揅hinese shipowners will continue to scrap old vessels and order new ones, making the transaction of both newbuilds and second-hand vessels remain active in the second half,?the company said.
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