COSCO International Announces 2012 Interim Results

HONG KONG, Aug. 22, 2012 /PRNewswire-Asia/ --

Financial Summary

Results and Business Highlights

• Solid profit performance: profit attributable to equity holders of the Company slightly dropped by 1% to HK$232 million as compared with the same period of 2011.
• Revenue and gross profit declined year-on-year, but the profit attributable to equity holders remained almost flat, which was mainly due to the factors including:
  
  (i) Successful collection of long-term outstanding trade and other receivables resulted in the reversal of the provision for impairment of trade and other receivables;
  
  (ii) Selling, administrative and general expenses decreased;
  
  (iii) Finance income increased while finance cost declined; and
  
  (iv) Profit contribution from jointly controlled entities increased.  
  
  
• Basic earnings per share was 15.35 HK cents, and the board of directors declared an interim dividend of 2 HK cents per share.
• As at 30th June 2012, the Group had a strong financial position with net cash of HK$5,507 million for supporting potential acquisitions in future.
• On 10th August 2012, COSCO International was selected as a constituent of Hang Seng Corporate Sustainability Benchmark Index, which reflected that the Company's remarkable achievements in environmental protection, social responsibility and corporate governance had been highly acclaimed in the capital market.

Outlook

• In accordance with its established strategic development plan, the Group 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, so as to achieve sustainable growth and develop into a global leading one-stop service provider focusing on shipping services.

Company Background

COSCO International Holdings Limited ("COSCO International") is listed on the main board of The Stock Exchange of Hong Kong Limited. Its stock code is 00517. COSCO International was selected as a constituent of Hang Seng Sustainability Benchmark Index in August 2012. In recent years, COSCO International has focused its strategic business position on the development of the shipping services business. It aims to become a global leading one-stop service provider focusing on shipping services to provide professional services to shipowners worldwide. Its core businesses 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. The headquarters of COSCO International is in Hong Kong and its businesses and service network cover China Mainland & Hong Kong, Singapore, Japan, and other major fueling ports worldwide.

Relationship with Parent Company

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. COSCO Hong Kong is an important overseas regional headquarters and conglomerate of COSCO Group, operating and managing a few hundred subsidiaries in Hong Kong and Macau.

Editorial Note

The announcement of 2012 Interim Results is available on the website of the SEHK (www.hkexnews.hk) and the Company's website (www.coscointl.com).

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SOURCE COSCO International Holdings Limited