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(Incorporated in Bermuda with limited liability)
(Stock Code: 00517)
2017 INTERIM RESULTS
RESULTS AND OPERATION HIGHLIGHTS
Profit attributable to equity holders increased by 42% to HK$205,562,000 as compared to the same period of 2016. Such increase was mainly due to the increases in net exchange gains and net finance income.
Revenue increased by 49% to HK$3,809,258,000 as compared to the same period of 2016 which was attributable to the increases in segment revenues of marine fuel and other products, marine equipment and spare parts, coatings as well as ship trading agency.
Gross profit increased by 22% to HK$302,033,000 as compared to the same period of 2016. Gross profit margin decreased to 7.9% which was mainly attributable to the increase in revenue from the low-gross-profit-margin marine fuel and other products as well as the decrease in gross profit margin of coatings segment.
Profit before tax from core shipping services business increased by 17% to HK$169,737,000 as compared to the same period of 2016.
Basic earnings per share was 13.41 HK cents, increased by 42% as compared to the same period of 2016.
The Board has declared an interim dividend of 6 HK cents per share.
The Group had net cash of HK$6,420,976,000 as at 30th June 2017 for the expansion of existing businesses and the support of future strategic development.
The board of directors (the ''Board''or the ''Director(s)'') of COSCO SHIPPING International (Hong Kong) Co., Ltd. (the ''Company''or ''COSCO SHIPPING International'') is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (collectively, the ''Group'') for the six months ended 30th June 2017. The unaudited condensed consolidated results have been reviewed by the audit committee of the Company (the ''Audit Committee'').
The Group's unaudited condensed consolidated income statement, unaudited condensed consolidated statement of comprehensive income, unaudited condensed consolidated statement of financial position and explanatory notes 1 to 15 as presented below are extracted from the Group's unaudited condensed consolidated interim financial information for the six months ended 30th June 2017 (the ''Unaudited Condensed Consolidated Interim Financial Information''), which has been reviewed by the Company's independent auditor, PricewaterhouseCoopers, in accordance with Hong Kong Standard on Review Engagements 2410 ''Review of Interim Financial Information Performed by the Independent Auditor of the Entity''issued by the Hong Kong Institute of Certified Public Accountants.
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended 30th June 2017
Unaudited
Six months ended 30th June 2017 2016
Revenue | Note 3 | HK$'000 3,809,258 | HK$'000 2,555,427 |
Cost of sales | (3,507,225) | (2,308,052) | |
Gross profit | 302,033 | 247,375 | |
Other income and gains | 4 | 66,765 | 14,626 |
Selling, administrative and general expenses | (232,956) | (185,212) | |
Other expenses and losses | 5 | (2,749) | (3,760) |
Operating profit | 6 | 133,093 | 73,029 |
Finance income | 7 | 59,389 | 44,591 |
Finance costs | 7 | (3,311) | (2,124) |
Finance income -net | 7 | 56,078 | 42,467 |
Share of profits of joint ventures | 35,126 | 48,652 | |
Share of profits of associates | 6,123 | 3,816 | |
Profit before income tax | 230,420 | 167,964 | |
Income tax expenses | 8 | (22,876) | (18,817) |
Profit for the period | 207,544 | 149,147 | |
Profit attributable to: | |||
Equity holders of the Company | 205,562 | 144,803 | |
Non-controlling interests | 1,982 | 4,344 | |
207,544 | 149,147 | ||
Earnings per share attributable to equity holders of | |||
the Company during the period | |||
- basic, HK cents | 9(a) | 13.41 | 9.45 |
- diluted, HK cents | 9(b) | 13.41 | 9.45 |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30th June 2017
Unaudited
Six months ended 30th June
2017 HK$'000 | 2016 HK$'000 | |
Profit for the period | 207,544 | 149,147 |
Other comprehensive income/(losses) Items that may be reclassified subsequently to profit or loss: Currency translation differences | 44,962 | (25,781) |
Share of currency translation differences of a joint venture | 7,651 | (4,529) |
Share of cash flow hedges of an associate, net of tax | (855) | 6,002 |
Fair value gains on available-for-sale financial assets, net | 15,703 | 1,397 |
Other comprehensive income/(losses) for the period | 67,461 | (22,911) |
Total comprehensive income for the period | 275,005 | 126,236 |
Total comprehensive income/(losses) attributable to: Equity holders of the Company | 263,546 | 129,277 |
Non-controlling interests | 11,459 | (3,041) |
275,005 | 126,236 |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30th June 2017
Unaudited Audited30th June 31st December2017 2016
Note HK$'000HK$'000
ASSETS
Non-current assets
Intangible assets 103,764101,951
Property, plant and equipment 343,611343,912
Prepaid premium for land leases 30,72430,138
Investment properties 57,16456,954
Investments in joint ventures 358,708417,617
Investments in associates 123,714117,564
Available-for-sale financial assets 67,63363,091
Deferred income tax assets 58,33053,724
Non-current deposits1113, 0 8 3 11, 1 7 9
1 , 15 6,7 31 1,19 6,1 30
Current assets
Inventories 336,256243,360
Trade and other receivables 12 1,638,1101,196,797
Available-for-sale financial assets 44,54733,386
Derivative financial instruments -1,645
Financial assets at fair value through profit or loss 901886
Current income tax recoverable 3,2045,102
Restricted bank deposits 1,728559
Current deposits and cash and cash equivalents6 , 47 5,2 96 6,71 0,2 79
8,500,042 8,192,014
Total assets 9,656,773 9,388,144
EQUITY
Capital and reserves attributable to the Company's equity holders
Share capital 153,296153,296
Reserves7 , 65 1,4 51 7,54 8,8 65
7,804,747 7,702,161
Non-controlling interests 291,344 34 3,5 80
Total equity8 , 09 6,0 91 8,04 5,7 41
LIABILITIES
Non-current liability
Deferred income tax liabilities66, 6 0 2 69, 3 4 9
Current liabilities
Trade and other payables | 13 | 1,392,803 | 1,186,822 |
Current income tax liabilities | 32,146 | 19,156 | |
Short-term borrowings | 69, 1 3 1 | 67, 0 7 6 | |
1,494,080 | 1,273,054 | ||
Total liabilities | 1,560,682 | 1,342,403 | |
Total equity and liabilities | 9,656,773 | 9,388,144 |
Cosco Shipping International (Hong Kong) Limited published this content on 28 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 August 2017 08:27:06 UTC.
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