Sinking ship? COSCO profit down 53.4%

The turbulent ride was due to higher income tax expense and lower profit contributions from dry bulk shipping and shipyard operations.

COSCO said net profit attributable to equity holders of the Company decreased 53.4% from $ 68.4 million in Q2 2010 to $31.9 million in Q2 2011.

The increase in income tax expense by 74.0% to $25.0 million was mainly due to lower tax-exempt shipping profits and a deferred tax benefit adjustment due to lower deferred tax benefit recognised.

According to the company, the concessionary tax rates were reduced to 15% under the recently approved local tax incentive scheme granted to some of the subsidiaries of COSCO Shipyard Group. Ltd.

Turnover from dry bulk shipping and other businesses decreased 63.5% from $38.9 million in Q2 2010 to $14.2 million in Q2 2011 as the current short-term rates were significantly lower than the more favorable charter rates received in Q2 2010.

Meanwhile turnover from shipyard operations increased by only 6.3% to $ 981.8 million in Q2 2011 from $923.5 million in the same period last year.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia