China Cosco escapes delisting, posts profit in 2013

The Shanghai-listed shipowner posted a net profit of RMB235.47m ($37.88m) last year, emerging from a huge deficit of RMB9.56bn in 2012.

The financial results confirmed a projection by China Cosco in mid-January that it will return to the black due mainly to efforts on increasing revenue and reducing operation costs, and revenue generated from the disposal of equity interests and assets in certain companies previously owned by the group.

Revenue in 2013 came up to RMB61.93bn, down 14.1% from RMB72.08bn in 2012.

China Cosco's container shipping division reported a revenue of RMB42.54bn, down 1.5% year-on-year, while its dry bulk segment posted a 12.6% year-on-year fall in revenue to RMB14.07bn.