The LNG and tanker shipping operator of China Cosco Shipping Corp (Cosco Shipping) announced to the stock exchange that it expects a profit of approximately RMB800m ($120.88m) to RMB900m for the first half, a decline of 51-57% compared to the gain of RMB1.85bn in the same period of 2016.
CSET attributed the projected profit dip to reduced earnings from the oil and gas transportation business during the January-June 2017 period.
The higher profit in the year-ago period, on the other hand, was aided by a one-off gain of RMB743m from the disposal of the company’s dry bulk cargo business with the transaction completed at end-June 2016.
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