Each of the ten listed holding companies of China COSCO SHIPPING Corporation Limited had gained profit with their total profits amounting to about 7 billion yuan ($1.04 billion) by the end of March, according to their newly released annual performance report. It is the second consecutive year in which all of them made a profit after the company's reorganization.
Taking the acquisition of Orient Overseas International Line (OOIL), COSCO SHIPPING Holdings adopted a dual-brand strategy and reported a net profit of 1.23 billion yuan in 2018.
OOIL realized a net profit of $108 million in the second half of last year despite a deficit in the first half.
Thanks to the progress of some new overseas investment projects, COSCO SHIPPING Ports' revenue in 2018 saw year-on-year growth of 57.6 percent and its net profit rose 42.9 percent to $325 million.
The net profit of COSCO SHIPPING Energy was 105 million yuan. Its LNG business contributed a pretax profit of 410 million yuan, up 72.9 percent year-on-year.
As its three major business segments saw steady growth, COSCO SHIPPING Development realized net profit of 1.39 billion yuan. Its container manufacturing segment grew 33 percent in 2018 compared with the year before.
The COSCO SHIPPING Specialize reported a net profit of 86.07 million yuan, thanks to the good performance of semi-submersible service, heavy-lift service and log carrier service.
Piraeus Port Authority S.A's net profits saw a surge of 147 percent year on year to 27.9 million euros ($31.3 million) in 2018, which was a record high since its listing.
COSCO SHIPPING Technology has seen steady growth in profit for consecutive years. In 2018, its net profit reached 83.19 million yuan.
COSCO SHIPPING International (Hong Kong) reported a net profit of HK$286 million ($36.43 million) and made achievements in management and business expansion.
COSCO SHIPPING International (Singapore) acquired a logistics company in Singapore last year and secured a net profit of SGD$13 million ($9.6 million).
Despite unfavorable factors such as escalating trade frictions and high oil prices, these companies conquered difficulties to realize profits, which signals that the company benefited from its efforts in reorganization, acquisition and investment projects.
Each of the ten listed holding companies of COSCO SHIPPING had gained profit in the annual results of 2018 with their total profits amounting to about 7 billion yuan ($1.04 billion) by the end of March. [Photo/sasac.gov.cn]
(Executive editor: Hao Wen)