COSCO International Announces 2012 Interim Results (China)

On 22nd August 2012, COSCO International announced 2012 interim results, and held 2012 interim results press conference and analyst meeting. Mr. Ye Weilong, Chairman of COSCO International, Mr. Zhang Liang, Vice Chairman of COSCO International, Mr. Xu Zhengjun, Managing Director of COSCO International and other senior management of the Company attended the meetings.

In the first half of 2012, facing the complicated, fast-changing and challenging market situation, COSCO International took “inheritance, innovation and development” as its work guidance, stringently controlled cost, improved management and strived to enhance the profitability of existing businesses. In addition, the Company took a number of effective countermeasures to cope with the weak market, which resulted in a stable profit performance. During the period, profit attributable to equity holders of the Company was HK$232 million, slightly decreased by 1% year-on-year, but substantially increased as compared to the second half of 2011. Basic earnings per share was HK$0.1553. The board of directors declared an interim dividend of HK$0.02. As of June 30th 2012, COSCO International had a strong financial position with net cash of HK$5.5 billion for supporting potential acquisitions in future.

Looking forward, COSCO International, in accordance with its established strategic development plan, will continue to work on establishing a global sales and service network, seeking acquisitions inside and outside COSCO Group, and exploring the development of upstream and downstream businesses along the value chain of existing businesses, aiming to develop itself into a global leading one-stop service provider focusing on shipping services to provide specialised services around the globe for shipowners, so as to maximise the returns for the shareholders.

[mappress]

Source: cosco, August 24, 2012