COSCO Shipping Energy Transportation Warns of Over 50 Pct Profit Fall

Hong Kong-listed COSCO Shipping Energy Transportation forecasts a drop in profit for the first six months of this year of up to 57 percent year-on-year.

Specifically, the group’s net profit attributable to the equity holders is expected to range between RMB 800-900 million (equivalent to approximately USD 118.3-133.1 million), a decline of approximately 51% to 57% as compared to last year’s equivalent of RMB 1.85 billion.

COSCO Shipping Energy Transportation disposed of its dry bulk cargo business at the end of June 2016. The revenue from the disposal of the dry bulk cargo business less the operating loss from the dry bulk cargo business constituted a net profit from discontinued operations worth RMB 743 million, the company said.

However, the net profit from the continued operation of the group’s oil and gas transportation business fell by approximately 19%-28% on a year-on-year basis, mainly due to a decrease of approximately 40%-60% in the daily revenue level on the market of different types of vessels for foreign oil transportation in the first half of the year.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2018 >>
MTWTFSS
27 28 29 30 31 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

CWC World LNG & Gas Series: 10th Asia Pacific Summit

Bringing together the key LNG buyers and sellers from across the globe, the Summit provides…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

Defence Safety Conference Supported by The Defence Safety Authority, UK MoD

The Defence Safety Conference is the first of its kind exclusively dedicated to safety across the defence domain…

read more >

Singapore International Bunkering Conference and Exhibition (SIBCON)

The 20th edition of the Singapore International Bunkering Conference and Exhibition (SIBCON) will be about inspiring change…

read more >