COSCO Shipping International profits jump significantly in Q2 2018
COSCO Shipping International saw its turnover from continuing operations jump by 271% in the second quarter of 2018.
The logistics management company posted a turnover of SGD 40 million (USD 29 million) for Q2 2018, mainly driven by the turnover of SGD 32.3 million from newly acquired logistics businesses, the 100% acquisition of Cogent Holdings Limited and 40% acquisition of PT Ocean Global Shipping.
The results were offset by a decrease in shipping revenue from a reduced fleet of 3 bulk carriers.
Overall, the group booked a net profit attributable to equity holders of SGD 2.4 million for Q2 2018 as compared to a loss of SGD 20.8 million for Q2 2017.
For the six-month period, the group posted a profit from continuing operations of SGD 5.4 million on turnover of SGD 80.7 million.
Through its wholly-owned subsidiary Cogent, COSCO Shipping International has established a logistics network in Singapore, Malaysia and Indonesia.
The company said that it aims to expand its logistics network in South and Southeast Asia through acquisitions and investments and continues to explore potential targets to acquire.