Coscol in Half-Year Profit Surge

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

Share this article

Follow World Maritime News

In Depth>


<< Jul 2019 >>
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

The Smart Ship Exchange

The Exchange will look at the issues involved with increasing autonomy in shipping with an introduction to the concept…

read more >

3rd MarSat Workshop

The MARSAT project wants to operationalise and standardise EO products and aims to develop…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >