Shanghai-listed Cosco Shipping Limited (Coscol), the heavy lift arm of China’s Cosco Group, expects its half year results to soar based on the unaudited figures published today.
The company’s profit is expected to jump by over 30 times year-on-year reaching RMB 391.8 million (USD 63.1m).
During the first half year ending with June 30, 2015 Coscol’s revenue increased 1.7% year-on-year to RMB3.63bn.
The rise in profit was attributed mainly to gain from asset disposals, government subsidies, reduction in operational costs and lower bunker costs.
Namely, Coscol sold Guangzhou-based lubricants firm ELF Lubricants, a subsidiary of Total China, for RMB 301m.
In addition, the company received RMB 95.86m in government subsidies for sending older tonnage for scrap.
World Maritime News Staff