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Cosco International records profit increase in H1

Cosco International records profit increase in H1
Cosco International Holdings, the shipping services subsidiary of China Cosco Group, has posted a rise in net profit in the first half despite a fall in revenue.

Profit in the six months ended 30 June 2015 increased by 5% to HKD200.3m ($25.8m) compared to the gain of HKD190.3m in the previous corresponding period.

The first half revenue, however, plunged by 36.1% year-on-year to HKD3.03bn due mainly to the decline in segment revenue of marine fuel and other products.

The build up in profit, amid the revenue fall, was partially attributed to higher gains from other income amounting to HKD49.89m during the first half compared to HKD17.34m in the year-ago period due to reversal of impairment of receivables and government subsidy income.

Looking ahead, the group will continue to develop with the vision of establishing itself as a global leading one-stop shipping services provider by means of further promoting the construction of the integrated shipping services platform.

“By riding on the easterly winds of state-owned enterprises reforms in China together with more open-minded attitude and diversified methods in order to promote the extension and expansion of products and services, the initially formed, considerable scaled integrated shipping services platform will be developed into a public platform for the industry and ultimately accomplish the target of becoming a one-stop shipping services provider,” Cosco International said.