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COSCO International announces 2014 interim results
Updated Time: 2014-08-20Page Views:

On 19th August 2014, COSCO International announced 2014 interim results, and held 2014 interim results press conference and analyst meeting in Hong Kong. Mr. Sun Jiakang, Executive Vice President of COSCO Group and Chairman of COSCO International, Mr. Zhang Liang, President of COSCO Hong Kong and Vice Chairman of COSCO International, Mr. Xu Zhengjun, Vice President of COSCO Hong Kong and Managing Director of COSCO International, and other directors and senior management of the Company attended the meetings.

In the first half of 2014, Chinese shipowners speeded up the adjustment on fleet structure, and therefore the numbers of scrapped old vessels and newbuilding vessel contracts were boosted significantly. This provided favourable opportunities for the development of COSCO International’s various shipping services segments. COSCO Internationalseized the opportunities, focused on its marketing services and business transformation and upgrading and actively explored new customers outside COSCO Group. All efforts achieved remarkable results. During the period, the profit attributable to equity holders of the Company increased by 45% as compared with the same period of 2013 to HK$190 million. Basic earnings per share was HK$0.13. The board of Directors declared the payment of an interim dividend of HK$0.03 per share, increased by 50% year-on-year. As of 30th June 2014, COSCO International had a strong financial position with net cash of HK$6 billion to support its future development.

Looking forward, COSCO International, in accordance with its established strategic development plan, will continue to proactively seize opportunities to expand into new business in shipping servicerelated areas, and at the same time, actively explore the upstream and downstream along the industry value chain of existing businesses, aiming to become a global leading “one-stop” shipping services provider, thereby maximising returns to the shareholders.

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