COSCO Shipping to Deliver Profit in 1Q 2018

COSCO Shipping International (Singapore) said it expects to deliver a profit in the first quarter of 2018.

In its latest profit guidance for the first quarter ended March 31, 2018, the company said that its board of directors is of the view that the first quarter results “will show a profit as compared to the net loss recorded in the corresponding period of the previous financial year.”

The profit would be mainly attributable to contributions from Cogent Holdings Limited and PT Ocean Global Shipping, which were recently acquired by COSCO Shipping.

COSCO Shipping ended the first quarter of 2017 with a net loss of SGD 78.9 million, while the group’s turnover for the period stood at SGD 401.8 million.

Turnover from shipyard operations was at SGD 392.6 million, while the turnover from dry bulk shipping and other businesses reached SGD 9.2 million.