Cosco Corporation (Singapore) posts 56% fall in Q2 net profit to $12 million

COSCO Corp (Singapore) has posted a 56 per cent drop in second quarter net profit to $12 million.

Turnover for the three months to June 30 fell by 9 per cent to $890.3 million, due to the decline in dry bulk shipping and shipyard revenue.

Turnover from shipyard operations fell to $877.2 million from $960.8 million in the same period last year, mainly due to lower revenue contribution from ship building and ship repair segments.

The decline more than offset the growth in revenue from marine engineering segment.

Cosco delivered seven bulk carriers during the quarter.

In addition, Cosco Nantong shipyard delivered two tender rigs.

Earnings per share eased to 0.54 cent from 1.23 cents previously while net asset value per share firmed to 58.85 cents compared to 57.23 cents as at Dec 31.

Separately, Cosco announced today that one of its unit had received orders for two deep water platform supply vessels and two anchor handling tug supply vessels worth 590 million yuan (S$122 million) in total.

The same unit also secured a contract valued over US$170 million (S$215 million) from an European customer to build one jack-up drilling rig.