COSCO SHIPPING’s profit increases 15% YoY in H1

It was due to higher profit margins and lower interest expense.

COSCO SHIPPING International’s net profit attributable to equity holders grew 15% year on year to $2.6m due to higher profit margins and lower interest expense.

Group revenue for the period totalled $91m, 11% higher YoY, driven by higher revenue from Logistics, Ship repair and marine engineering segments.

As such, revenue from logistics activities increased by 12% YoY to $80.6m, whilst ship repair and marine engineering increased by 1%.

However, revenue from property management decreased by 13% to $1.3m, due to the decrease in revenue from Cogent Land Capital and Cogent Realty Capital.

Earnings per share stood at $0.12, a 20% YoY increase.

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