Cosco Shipping International profit falls by 20pc to HK$286m

Cosco Shipping International reported profit for the year 2018, dropped by 20 percent from the year before to HK$286.14 million.

This was mainly due to the significant decrease in the share of profit of Jotun COSCO,the company said.

Revenue increased by 8 percent to HK$9.52 billion, as compared to 2017. This was mainly attributable to an increase in segment revenues of coatings and marine fuel and other products

The basic earnings per share were 18.67 HK cents. The board recommended a final dividend of 9 HK cents per share. Together with the interim dividend of 5 HK cents per share, total dividends per share are 14 HK cents.

Pre-tax profit from the core business of shipping services fell by 30 percent to HK$216.17 million. In 2018, the company subscribed to 33 percent equity interest in Nasurfar Changshu, as an effective extension of the existing industrial chain of coatings. During the year, the group’s share of profit from Nasurfar Changshu was HK$2.02 million.
Source: The Standard