IN the absence of profit from discontinued operations, Mainboard-listed Cosco Shipping International saw net profit fall 93 per cent to S$13 million for the year ended Dec 31, down from S$189.4 million the year before, the firm announced on Friday after the market closed.
Cosco Shipping became a logistics management service provider with the acquisition of Cogent Holdings in FY2018. This followed the disposal of its China shipyard business in FY2017. For these discontinued operations, the group recorded net profit of S$92.4 million in FY2017, taking into account a S$299.2 million one-off gain recognised on the disposal of subsidiaries.
Through wholly-owned unit Cogent, the company has a logistics network in Singapore, Malaysia and Indonesia. Cosco Shipping said in its results release that it aims to expand its logistics network in South and South-east Asia through acquisitions and investments.
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