COSCO Shipping International Co., Ltd. Reports Unaudited Consolidated Earnings Results for the Year Ended December 31, 2017
March 01, 2018 at 04:19 am EST
Share
COSCO Shipping International (Singapore) Co., Ltd. reported unaudited consolidated earnings results for the year ended December 31, 2017. For the year, the company reported sales was SGD 37,186,000 compared with SGD 40,505,000 for the same period last year, mainly due to a decrease in shipping revenue from a smaller fleet of bulk carriers. Currently, the group's dry bulk shipping fleet comprises 3 Handymax carriers, having scrapped seven bulk carriers by the end of financial year 2017. Loss before income tax was SGD 26,649,000 compared with SGD 25,471,000 for the same period last year. Loss from continuing operations was SGD 27,055,000 compared to SGD 25,993,000 a year ago. Profit attributable to equity holders of the company was SGD 263,876,000 or 11.78 cents per basic and diluted share compared to loss of SGD 466,499,000 or 20.83 cents per basic and diluted share a year ago. Basic and diluted loss per share was 1.22 cents compared to 1.16 cents a year ago. Net cash provided by operating activities was SGD 341,885,000 compared to net cash used in operating activities of SGD 438,436,000 a year ago. Additions to property, plant and equipment was SGD 9,231,000 compared to SGD 26,070,000 a year ago.
COSCO SHIPPING International (Singapore) Co., Ltd. is a Singapore-based investment holding company. The Company is an integrated logistics service provider in South Asia and Southeast Asia. The Company is engaged in dry bulk shipping, ship repair and marine engineering, as well as property management. Its segments include shipping; ship repair, and marine engineering activities; logistics, and property management. The Company's business segments operate in two main geographical areas: Singapore, which includes the operations in shipping, ship repair and marine engineering related activities, logistics, property management, and Malaysia, which includes the operations in logistics activities. The Company, through its subsidiary, Cogent Holdings Pte. Ltd., manages and operate approximately 3.5 million square feet of covered and open storage spaces located in the logistics hub districts in Singapore.