COSCO Posts Full Year Results

COSCO Posts Full Year Results

Singapore Exchange (SGX) mainboard-listed COSCO Corporation (Singapore) Limited (COSCO) today announced its financial results for the full year ended 31 December 2012.

Group turnover fell 10.3% to $3.7 billion in FY 2012 from $4.2 billion in FY 2011 due to decreases in shipyard and dry bulk shipping revenues. Turnover from shipyard operations decreased 10.1% to $3.7 billion in FY2012 from $4.1 billion in FY 2011 mainly due to lower revenue contribution from ship building segment which more than offset the growth in revenue from marine engineering segment.

The Group successfully delivered 32 bulk carriers and 6 offshore projects in FY 2012. Turnover from dry bulk shipping and other businesses declined 19.6% from $66.8 million in FY 2011 to $53.7 million in FY 2012 due to lower charter rates.

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Press Release, February 21, 2013