COSCO International Announces 2010 Interim Results
(SEHK Stock Code: 00517)
HONG KONG, Aug. 30 /PRNewswire-Asia/ -- COSCO International Holdings Limited ("COSCO International" or the "Company") (HongKong: 0517) and its subsidiaries ("the Group") are pleased to announce its unaudited consolidated results for the six months ended 30th June 2010.
Financial Summary
2010 2009 Change
For the six months ended 30th June (HK$ mn) (HK$ mn) (%)
Revenue 4,121 698 +490%
Profit attributable to the equity holders 342 246 +39%
Excluding the share of profit of SOLHL,
Profit attributable to the equity holders 122 97 +26%
Basic earnings per share (HK cents) 22.62 16.50 +37%
Interim dividend per share (HK cents) 2.00 1.00 +100%
Results and Business Highlights
-- Profit attributable to the equity holders of the Company was
HK$341,776,000, an increase of 39%. Excluding the share of profit of
Sino-Ocean Land Holdings Limited of HK$219,368,000, profit attributable
to the equity holders increased by 26% to HK$122,408,000 on the same
basis.
-- Basic earnings per share increased by 37% to 22.62 HK cents.
-- Revenue increased by 490% to HK$4,120,975,000. The increase was mainly
attributable to the significant revenue from the newly added trading
and supply of marine fuel business, as well as the remarkable pick up
of container shipping market driven by the strong rebound in China's
exports. The increased demand for container coatings led to a sharp
rebound in container coatings revenue.
-- The momentum of global economic recovery was stronger than expected and
international trade volumes have gradually picked up. The shipping
market showed signs of positive movement in the first half of the year.
The sale volumes of all units of core shipping services business either
maintained stable or grew at different extent, in which the newly added
unit of marine fuel trading and supply brought forth substantial
contribution in revenue and sales volume of container coatings grew
remarkably. As a result, profit before income tax from shipping
services increased by 23% to HK$161,813,000 as compared to the same
period of last year.
-- The board of directors of the Company declared an interim dividend of 2
HK cents per share, up 100%.
-- Successfully expanded the segment of the supply of marine equipment and
spare parts to overseas markets through the establishment of Shin Chung
Lin Corporation in Japan in February 2010 and completion of the
acquisition of Xing Yuan (Singapore) Pte Ltd in August. The overseas
service network in Japan and Singapore reinforced the platform for the
supply of marine equipment and spare parts and laid a solid foundation
for the future development of the Group.
-- Proposed to dispose of 16.85% interest in Sino-Ocean Land Holdings
Limited under appropriate market conditions to complete the strategy of
divesting non-core businesses. The disposal proposal will be subject to
the shareholders' approval. The proceeds of the disposal will be used
to finance future development of the Company's core shipping services
business. The Company is exploring and liaising in relation to the
possible acquisition of supply of bunker oil and other business(es)
from COSCO Group. However, no binding agreement has been signed.
Outlook
After the global financial crisis, we have noted that the shipping and shipbuilding industry have accelerated their steps to shift geographically to Asia, especially to China. This creates unprecedented opportunities for the expansion of our core shipping services business. The Group will commit itself to market development and to seek new breakthroughs in the existing businesses during their courses of development. The Group will leverage on the overseas supply network of marine equipment and create synergies with other business units of the shipping services segment so as to further enhance its profitability in the future. In addition, the Group will divest its non-core business through the disposal of its interest in SOLHL under appropriate market conditions and will make use of the proceeds for the development of the core shipping services businesses. By acquiring sizable and influential projects both within and outside COSCO Group, the Group will optimise its asset structure and develop a supply chain of shipping services which are of high relevance, sharing common resources as well as cyclically complementary. The position of COSCO International in the shipping services industry will be consolidated and strengthened to a large extent. The Group's capability for sustainable development will be further enhanced. Under the full support of COSCO and COSCO (Hong Kong) Group Limited, COSCO International will strive to achieve its vision of becoming a specialised shipping services provider on a large scale with "competitive advantages" and "comprehensive shipping services offerings" to create the best values for the shareholders.
Editorial Note
The 2010 interim results announcement is available on the website of the SEHK ( http://www.hkexnews.hk ) and the Company's website ( http://www.coscointl.com ). A webcast replay of the 2010 interim results press conference and analysts presentation will be available at the Company's website after 10:00pm, 30th August 2010.
Company Background
COSCO International Holdings Limited (Stock Code: 00517) has been listed on the main board of the SEHK since February 1992. In recent years, COSCO International has focused its strategic business position on the development of the shipping services business. It aims to become a specialised and leading shipping services provider. Its core businesses are shipping services, including 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. 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:
Corporate Communications Department of COSCO International
Investor Relations
Yang Ling, General Manager
Tel: +852-2809-7810
Email: [email protected]
Wilson Lo, Senior Investor Relations Manager
Tel: +852-2809-7800
Email: [email protected]
Media Relations
Candy Cheung, Deputy General Manager
Tel: +852-2809-7706
Email: [email protected]
Tsoi Ching Chung, Manager
Tel: +852-2809-7828
Email: [email protected]
PR China Limited
Henry Chik/ David Shiu/ Ada Tsang
Tel: +852-2522-1838 / 2522-1368/ 2521-2823
Email: [email protected] / [email protected] / [email protected]
SOURCE COSCO International Holdings Limited
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