Cosco Corporation (Singapore), the ship repair & marine engineering and shipping group, said earnings for the three months ended 30 June 2012 (2Q2012) decreased 13.3% to $27.6 million from $31.9 million in the year ago period (2Q2011) mainly due to lower profit contributions from dry bulk shipping operations.
Group turnover fell 2.1% to $975.3 million in (2Q2012) from $996.0 million in (2Q2011) due to a decline in shipyard revenue. Turnover from shipyard operations decreased marginally by 2.2% to $960.8 million in (2Q2012) mainly due to lower revenue contribution from ship building segment which more than offset the growth in revenue from ship repair and marine engineering segments.
The group successfully delivered 8 dry bulk carriers in the quarter. Turnover from dry bulk shipping and other businesses increased marginally by 2.8% to $14.6 million in (2Q2012) due to contribution from other businesses which more than offset the decline in dry bulk shipping revenue affected by lower charter rates.
Gross profit increased 56.2% from $75.1 million in 2Q2011 to $117.4 million in 2Q2012 mainly due to higher profit contributions from ship repair & conversion and marine engineering projects. Distribution costs rose by 44.9% to $19.0 million mainly due to additional marketing and promotional activities.
No comments:
Post a Comment