Logistics Units Push Cosco Shipping to Profit

ContainersImage Courtesy: Cogent Holdings Limited

COSCO Shipping International (Singapore) returned to profit in the first quarter of 2018, following the acquisition of two logistics units.

The company’s profit for the period was at SGD 2.8 million (USD 2.1 million), compared to a loss of SGD 78.9 million (USD 58.8 million) seen in the same quarter a year earlier.

Turnover from continuing operations increased to SGD 40.6 million for the first quarter of 2018 as compared to SGD 11.4 million reported in the previous year, mainly due to turnover of SGD 32.1 million from the newly acquired logistics businesses, namely Cogent Holdings Limited and PT Ocean Global Shipping.

“The company aims to expand its logistics network in South and Southeast Asia through acquisitions and investments and is looking into potential targets to acquire and investment opportunities,” Gu Jing Song, Vice Chairman and President of the company, said.

“We have only just started on our transformation journey and there is much to be done,” he added.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2019 >>
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

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >