Coscol returns to profit in 2013

The heavy lift arm of China's state-owned Cosco Group recorded a gain of RMB31.49m ($5.21m) in the financial year ended 31 December 2013, as against a deficit of RMB66.42m in the previous year.

Revenue, however, dropped 3.2% year-on-year to RMB7.44bn, Coscol said in a brief results statement.

Last year November, the Shanghai-listed shipowner ordered four 36,000 dwt multipurpose vessels at CSSC Guangzhou Huangpu Shipbuilding Company at a price of RMB984.24m in total.