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COSCO reports lower turnover in 2009 due to global financial crisis |
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Tuesday, 23 February 2010 |
 COSCO Corporation (Singapore) Limited, a leading ship repair, marine engineering and shipping group, announced on Monday a lower turnover last year due to the global financial crisis.
According to a statement by the Singapore Exchange ("SGX")
mainboard-listed company, its turnover contracted 16.6 percent to 2.9
billion Singapore dollars last year on lower revenue across all
segments.
Turnover from shipyard operations fell 13.9 percent to 2.8 billion
Singapore dollars (about 2 billion U.S. dollars) as ship repair and
conversion projects were adversely affected by the global economic
meltdown.
Turnover from dry bulk shipping business reported a decrease of 48.4
percent to 132.9 million Singapore dollars (about 94.9 million
U.S.dollars) due to lower charter-hire rates.
Net profit attributable to equity holders of the Company dipped 63.6
percent weighed down by higher operational costs and unfavorable
business climate.
Corporation (Singapore) Ltd ("COSCO") is a leading ship repair,
shipbuilding & marine engineering and dry bulk shipping group, which
owns 51 percent of the largest shipyard group in China, COSCO Shipyard
Group, and a fleet of 12 dry bulk carriers. It also operates shipping
agencies. COSCO is the listed subsidiary of China Ocean Shipping (Group)
Company, the largest shipping group in China.
Source: Xinhua
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