Shipbuilding and repair firm Cosco Corp (Singapore), 53-percent owned by China's government, on Monday reported a 60 percent rise in quarterly profit, boosted by a booming ship repair and ship building business.
Singapore-listed Cosco, controlled by the mainland's biggest shipping firm China Ocean Shipping (Group) Co, earned S$128.7 million ($94 million) in the April-June quarter, compared with S$80.4 million in the year-ago period, it said in a statement.
Analysts are worried that shipbuilders such as Cosco will be hit by higher steel costs, which will have an impact on operating margins for the full-year.
Cosco is expected to post full-year net profit of S$479.8 million, up 43 percent for a year ago, according to the estimates of 12 analysts polled by Reuters before Monday's results.
Singapore-listed Cosco, controlled by the mainland's biggest shipping firm China Ocean Shipping (Group) Co, earned S$128.7 million ($94 million) in the April-June quarter, compared with S$80.4 million in the year-ago period, it said in a statement.
Analysts are worried that shipbuilders such as Cosco will be hit by higher steel costs, which will have an impact on operating margins for the full-year.
Cosco is expected to post full-year net profit of S$479.8 million, up 43 percent for a year ago, according to the estimates of 12 analysts polled by Reuters before Monday's results.