HONG KONG, August 31, 2011 /PRNewswire-Asia/ --
Financial Summary | ||||
For the six months ended 30th June | 2011 | 2010 | Change | |
Revenue | 5,702 | 4,121 | +38% | |
Profit attributable to the equity holders | 234 | 342 | -32% | |
Excluding share of Profit (Note 1) from SOLHL | ||||
- Profit attributable to the equity holders | 234 | 122 | +91% | |
Basic earnings per share (HK cents) | 15.49 | 22.62 | -32% | |
Interim dividend per share (HK cents) | 2.00 | 2.00 | Unchanged | |
Note 1: The Group disposed of its entire shareholdings in Sino-Ocean Land Holdings Limited ("SOLHL") in December | ||||
Results and Business Highlights
Outlook
The global economy still faces many uncertainties in the future, while China will remain a leading player that drives the world economy under the implementation of the "Twelfth Five-Year Plan". International shipping market is generally uncertain, but it is certain that the gigantic global vessel orderbook makes the second half of 2011 and the first half of 2012 the peak period of new vessel delivery, which will benefit several business segments of the Group. However, the continued oversupply of shipping capacity in the second half of 2011 will put shipping companies under great pressure, which in turn brings some risks to the Group.
Mr. Wang Xiaodong, Managing Director of the Company, said, "Although the Group's shipping services business, in some degrees, will be affected by the depression of shipping industry, most of our businesses will be benefited by the growth of total shipping capacity. According to the orderbook and contracts in hand, it is believed that the overall performance of shipping services will remain stable and show defensive characteristics. Based on the risk management of all kinds, we will seize the opportunity to continuously propel the development of existing businesses."
"At the same time, we will proactively explore new business. COSCO International has engaged in the service of a globally renowned management consulting firm, to design a five-year plan, including business and services portfolio, based on the corporate vision of 'becoming a global leading one-stop shipping services provider'. Through differentiated services, a global sales and service network to reduce operating costs for shipping companies, and a customer-oriented business model, COSCO International will be able to provide a one-stop professional services to global shipowners around the globe. With the full support of COSCO Group and COSCO (Hong Kong) Group Limited, the Group will continue to actively search and explore the opportunity to merge resources within or outside of COSCO Group. By combining existing core businesses operation and investment operation, the Group will enlarge its income scale and create greater returns for the shareholders," Managing Director Wang Xiaodong concluded.
Editorial Note
The 2011 Interim Results announcement is available on the website of the SEHK (www.hkexnews.hk) and the Company's website (www.coscointl.com). A webcast replay of the 2011 Interim Results analyst presentation will be available at the Company's website after 10:00pm, 31st August 2011.
Company Background
COSCO International Holdings Limited (Stock Code: 00517) has been listed on the main board of the SEHK since February, 1992. COSCO International is mainly engaged in the provision of shipping related services and products, which include ship trading agency, marine insurance brokerage, supply of marine equipment and spare parts, production and sale of coatings and trading and supply of marine fuel and related products. It aims to become a specialised and leading shipping services provider. Its businesses and service network cover China Mainland & Hong Kong, Singapore, Japan, and other major fueling ports worldwide. COSCO International is a listed company owned by COSCO (Hong Kong) Group Limited, which is a wholly-owned subsidiary of China Ocean Shipping (Group) Company ("COSCO"). COSCO is one of the most recognised multinational conglomerates in the world, which focuses mainly on shipping and logistics businesses as well as other shipping related businesses.
For enquiries, please contact:
Investor Relations Department of COSCO International | ||
Yang Ling, General Manager | Candy Cheung, Deputy General Manager | |
Tel: (852) 2809 7810 | Tel: (852) 2809 7706 | |
Fax: (852) 8169 0678 | Fax: (852) 8169 0678 | |
Email: yangl@coscointl.com | Email: cheungky@coscointl.com | |
Tsoi Ching Chung, Manager | Crystal Lu, Officer | |
Tel: (852) 2809 7828 | Tel: (852) 2809 7820 | |
Fax: (852) 8169 0678 | Fax: (852) 8169 0678 | |
Email: tsoicc@coscointl.com | Email: lul@coscointl.com | |
PR China Limited | ||
Henry Chik/ David Shiu/ Eric Song | ||
Tel: (852)2522 1838 / 2522 1368/ 2521 2823 | ||
Fax: 2521 9955 | ||
Email: hchik@prchina.com.hk / dshiu@prchina.com.hk / esong@prchina.com.hk | ||