Singapore's Cosco Corp Q2 profit up 58 pct
Shipbuilding and repair firm Cosco Corp. (Singapore) , controlled by China's biggest shipping firm, on Tuesday posted a 58 percent rise in quarterly profit thanks to strong business at its shipyards.
The Singapore-listed company, majority-owned by China Ocean Shipping (Group) Co., said in a statement that net profit for April-June rose to a record S$80.4 million ($53.2 million) from S$51 million a year ago.
Cosco Corp is expected to make a net profit of S$296.7 million in the whole of 2007, according to the mean average of a forecast of 10 analysts polled by Reuters Estimates -- up about 44 percent from last year, thanks to higher capacity at its yards in China.
"The group is confident that growth momentum will continue into 2H 2007 buoyed by robust shipyard performance, capacity and capability enhancement, as well as booming demand," the company said in its statement.
Since last year, Cosco Corp has won a series of big orders for conversions and construction of offshore oil and gas drilling rigs and vessels.
Investors have welcomed Cosco's move into rig building, pushing its share price up by 137 percent this year and its market value to $7.8 billion. Singapore's benchmark Straits Times Index has risen 19 percent in the same period.
The Singapore-listed company, majority-owned by China Ocean Shipping (Group) Co., said in a statement that net profit for April-June rose to a record S$80.4 million ($53.2 million) from S$51 million a year ago.
Cosco Corp is expected to make a net profit of S$296.7 million in the whole of 2007, according to the mean average of a forecast of 10 analysts polled by Reuters Estimates -- up about 44 percent from last year, thanks to higher capacity at its yards in China.
"The group is confident that growth momentum will continue into 2H 2007 buoyed by robust shipyard performance, capacity and capability enhancement, as well as booming demand," the company said in its statement.
Since last year, Cosco Corp has won a series of big orders for conversions and construction of offshore oil and gas drilling rigs and vessels.
Investors have welcomed Cosco's move into rig building, pushing its share price up by 137 percent this year and its market value to $7.8 billion. Singapore's benchmark Straits Times Index has risen 19 percent in the same period.