Saturday, May 23, 2015Saturday, May 23, 2015

Cosco Corp (S) posts 30% rise in Q1 profit but sees margin squeeze

Published on Apr 30, 2014 6:47 PM

SINGAPORE - Shipbuilder Cosco Corporation (Singapore) reported a 30 per cent rise in first quarter net profit to $12.6 million on higher sales.

Turnover for the three months to March 31 soared by 42 per cent to $1.04 billion.

The bulk of it was contributed by shipyard operations, which increased revenue by 43.2 per cent to $1.03 billion, supported by higher revenue contribution from ship repair and marine engineering.

This more than offset the decline in revenue from shipbuilding.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!