Shanghai-listed COSCO Shipping, the first listed subsidiary of COSCO Group, posted a profit of CNY253.5 million for the first quarter of 2015, returning to black from a loss of CNY13.1 million in the first quarter of 2014.
The company’s revenue in the first quarter of 2015 totalled CNY1.88 billion, up 12.46% year on year (y/y) from CNY1.67 in the same period in 2014.
It obtained CNY292.8 million from the disposal of ELF Lubricants’ equity, which contributed substantially to its revenue in the first quarter of 2015. The subsidies the company received from the government amounted to CNY0.25 million.
The company issued 454.5 million non-public shares (227.3 million share to its parent company COSCO group and the rest to First Qianhai Fun) to raise CNY2.5 billion.
The breakbulk shipping is expected to remain in recession in 2015, but the company’s special vessel fleet will benefit from the ‘One Belt, One Road’ policy, according to Guangfa Securities’ report.
COSCO Shipping reported profit of CNY197.8 million for the whole year of 2014, surging 506% from the profit of CNY32.6 million in 2013. It posted revenue of CNY7.66 billion in 2014, up 2.98% y/y from CNY7.44 billion in 2013. Its earnings per share also rose from CNY0.019 in 2013 to CNY0.117.
The company projected that its profit for the first half of 2015 will remain stable.