COSCO Shipping International (Singapore) returned to profit in the first quarter of 2018, following the acquisition of two logistics units.
The company’s profit for the period was at SGD 2.8 million (USD 2.1 million), compared to a loss of SGD 78.9 million (USD 58.8 million) seen in the same quarter a year earlier.
Turnover from continuing operations increased to SGD 40.6 million for the first quarter of 2018 as compared to SGD 11.4 million reported in the previous year, mainly due to turnover of SGD 32.1 million from the newly acquired logistics businesses, namely Cogent Holdings Limited and PT Ocean Global Shipping.
“The company aims to expand its logistics network in South and Southeast Asia through acquisitions and investments and is looking into potential targets to acquire and investment opportunities,” Gu Jing Song, Vice Chairman and President of the company, said.
“We have only just started on our transformation journey and there is much to be done,” he added.