Cosco Corp sees Q2 net profit double

Singapore: Cosco Corp's second-quarter net profit nearly doubled due to higher contributions from its dry bulk shipping and shipyard operations but the China-based company painted a cautious outlook for the rest of the year.

Net profit for the three months ended June 30 was $68.4 million, up 85 per cent from the corresponding period a year earlier, the Singapore-listed company said yesterday. Revenue rose 34 per cent to $962.5 million.

The shipbuilder's order book now stands at US$5.5 billion ($7.4 billion), with deliveries scheduled through the first quarter of 2013.

"As business, industry and private demand conditions remain uncertain, and as various governments begin unwinding some of their stimulus measures amid a fragile global economic recovery ... our group maintains a cautious outlook for the rest of 2010," said Cosco's vice-chairman and president Jiang Li Jun.
(Source:www.seatradeasia-online.com)