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COSCO Registers 66 Pct Growth in Profit in First Half of 2001
COSCO Investment, the Singapore listed arm of China's top international shipping group, the China Ocean Shipping (Group) Company, reaped an interim net profit of 9.2 million Singapore dollars (about 5.2 million U.S. dollars ) in the first half of 2001, up 66 percent compared to the
same period of last year, its President Ji Haisheng announced at a press conference Wednesday in Singapore.
Ji said that Its Net Tangible Assets backing per share increased by eight percent to 30.4 cents for this half year from 28.1 cents a year ago and earnings per share on a fully diluted basis is 1.28 cents as of June 30, 2001 although the group's turnover in the first half of 2001 declined by 10 percent to 78 million Singapore dollars (about 45 million U.S. dollars) from 87 million Singapore dollars (about 50 million U.S. dollars) a year ago.
He attributed the impressive increase to greater margins from bulk shipping and the operation of container feeder services, adding this was also the result of the group's implementation of a policy to minimize businesses with low profit margins.
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