COSCO Shipping Energy Transportation Warns of Over 50 Pct Profit Fall

Image Courtesy: COSCO

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>

<< Apr 2018 >>
MTWTFSS
26 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 1 2 3 4 5 6

Singapore Maritime Technology Conference and Exhibition (SMTC) 2018

The 3rd Singapore Maritime Technology Conference and Exhibition (SMTC) 2018 is organized by the Maritime and Port Authority of Singapore…

read more >

Singapore Maritime Week 2018

Singapore Maritime Week (SMW), organised annually by Maritime and Port Authority of Singapore (MPA) and attracts…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >