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China Cosco expects profit of $306m in H1

China Cosco expects profit of $306m in H1
China Cosco Holdings (Cosco), the flagship unit of state-controlled Cosco Group, has issued a positive profit alert for the six months ended 30 June 2015, a reversal from the loss recorded in the year-ago period.

Cosco said the six-month period is projected at RMB1.9bn ($306m) as against a loss of RMB2.28bn in the same period of last year.

“The board believes that the expected profit… is due to the receipt of subsidies for the decommissioning and upgrading of vessels which will be included in the profit and loss for the six months ended 30 June 2015, and the effort of the company in increasing revenue and reducing operation costs through various measures,” Cosco said in a statement.

The company added that during the January to June 2015 period, the imbalance between supply and demand in the international shipping market continued, and the container and dry bulk shipping markets remained weak and freight rates had also decreased as compared to the previous corresponding period.