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SINGAPORE: Mainboard-listed shipping giant Cosco has turned in a sparkling set of first-half results.
Net profit rose 74 per cent to some S$213 million. Turnover doubled to S$1.8 billion for the six months ended June.
Cosco said this was due to strong performances from its ship repair, shipbuilding and marine engineering businesses.
In the second quarter, Cosco's net profit grew 60 per cent to S$129 million.
Ship repair, shipbuilding and marine engineering were also the main contributors to the group's revenue in that period, accounting for 93 per cent of turnover.
Dry bulk shipping, shipping agency and other businesses accounted for the remaining seven per cent.
Turnover climbed 104 per cent to S$1.05 billion in the second quarter, the first time that Cosco's turnover has surpassed the S$1 billion mark in a quarter.
Cosco's order book currently stands at US$7.4 billion for delivery up to 2011.
The company's president and vice-chairman, Ji Hai Sheng, said that the group would remain focused on growing its top line by building its key businesses while keeping a tight grip on costs.
Cosco shares ended 2.3 per cent lower at S$2.97 a share on Monday.
- CNA/yb
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