Cosco Shipping H1 earnings tumble 69% to S$1.4m

COSCO Shipping International posted a 69 per cent plunge in net profit to S$1.4 million for its half year ended June 30, 2020, from S$4.6 million a year ago.

This was mainly due to rental waiver granted to tenants, weak shipping charter rates and lower profit margins, the mainboard-listed logistics service provider said in a regulatory filing on Thursday night. The company is also involved in dry bulk shipping, ship repair and marine engineering. Nonetheless, these were partially mitigated by government grants and contributions from its new Malaysian subsidiaries, Cosco added.Revenue for the six-month period rose 8 per cent to S$86.3 million, from S$80.2 million a year ago. This was mainly due to the inclusion of earnings from its newly acquired subsidiaries in Malaysia, and an increased fleet of bulk carriers that the group had chartered in during H1 2020, as compared to H1 2019.

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