Cosco Shipping International (Singapore) has reported earnings of $2.63 million for the 1HFY2025 ended June 30, up 15% y-o-y.
The group’s total sales for the period came in 11% y-o-y higher at $91 million, and gross profit increased 15% y-o-y at $23.1 million.
The increase in total sales was mainly due to higher revenue from its logistics, ship repair and marine engineering segments.
Logistics activities, which accounts for 89% of the group’s revenue, increased 12% y-o-y due to higher revenue from transportation services and container depot services.
Revenue from property management decreased by 13% y-o-y, mainly due to the decrease in revenue from Cogent Land Capital and Cogent Realty Capital under Cogent Holdings. Revenue from ship repair and marine engineering increased by 1%, mainly due to higher revenue from ship repair and fabrication works.
Other income decreased 28% y-o-y from no settlement income and government grants, and interest income decreased 52% y-o-y due to decrease in interest rates in bank deposits and cash at bank.
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Other losses for the group in the reporting period were higher compared to the same period a year ago due to higher foreign exchange loss, while administrative expenses increased 8% y-o-y due to higher costs for corporate functions.
Share of profit of associated companies of $2.1 million was contributed by the Group’s 40% shareholdings in COSCO SHIPPING Bulk SEA, 40% shareholdings in PT. Ocean Global Shipping Logistics, 30% shareholdings in SINOVNL Company Limited, and 49% shareholdings in Goldlead Supply Chain. The decrease in share of profit of associated companies was mainly due to lower profit contribution from COSCO SHIPPING Bulk SEA.
Overall, earnings grew 15% y-o-y due to higher profit margins and lower interest expense, partially offset by higher administrative expenses and lower other income.
Shares in Cosco Shipping closed 0.1 cents lower or 0.813% down at 12.2 cents on Aug 12.
