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COSCO Shipping International’s third-quarter net profit fell 91 per cent year on year to S$2.12 million as the corresponding quarter a year ago was boosted by a profit from discontinued operations of $23.6 million relating to the disposal of the group’s shipyard business in China.
During the quarter under review, revenue jumped by over six times from S$7 million to S$42.15 million on the back of contributions of S$34.5 million from newly acquired logistics businesses.
Earnings per share for the quarter came to 0.09 Singapore cent, down from 1.10 cents a year ago.
Share of profit of an associated company of nearly $0.7 million was mainly due to share of profit from the newly acquired 40 per cent stake in PT Ocean Global Shipping.
Source: The Business Times
