China-based shipbuilder Cosco Corp (Singapore) said yesterday its net profit for last year fell 44 per cent to S$139.7 million, due mainly to lower profit contributions from dry bulk shipping and higher costs incurred in its shipyard operations, Today online reports.
Revenue rose 7.8 per cent to S$4.16 billion, due mainly to a higher contribution from shipbuilding and marine engineering projects. The company did not provide quarterly numbers.
Higher shipyard operational costs included losses of S$150.4 million on construction contracts, due mainly to higher raw materials and labour costs, plus "learning curve" costs for offshore and marine engineering projects involving new product types, the company said.
Cosco delivered 34 bulk carriers last year. Its order book at the end of last year stood at US$6.1 billion (S$7.7 billion), with deliveries up to the first half of 2014.
Revenue rose 7.8 per cent to S$4.16 billion, due mainly to a higher contribution from shipbuilding and marine engineering projects. The company did not provide quarterly numbers.
Higher shipyard operational costs included losses of S$150.4 million on construction contracts, due mainly to higher raw materials and labour costs, plus "learning curve" costs for offshore and marine engineering projects involving new product types, the company said.
Cosco delivered 34 bulk carriers last year. Its order book at the end of last year stood at US$6.1 billion (S$7.7 billion), with deliveries up to the first half of 2014.