China COSCO Holdings Company Limited board of directors announced that the Group is expected to record a net profit attributable to equity holders of the company for the six months ended 30 June 2015 of approximately RMB 1.9 billion as compared to the loss attributable to the equity holders of the company for the six months ended 30 June 2014 of RMB 2,276,731,914.29, with basic loss per share of approximately RMB 0.22. During the six months ended 30 June 2015, the imbalance between supply and demand in the international shipping market continued, and the container and dry bulk shipping markets remained weak and freight rates had also decreased as compared with the same period last year and remained at a low level. The Board believes that the expected profit for the six months ended 30 June 2015 compared to the loss incurred for the same period last year is due to the receipt of subsidies for the decommissioning and upgrading of vessels which will be included in the profit and loss for the six months ended 30 June 2015, and the effort of the company in increasing revenue and reducing operation costs through various measures.