Cosco Q2 Profit Up 84%

5 August 2010 (Last Updated August 5th, 2010 18:30)

Cosco Corporation's second quarter profit rose 84% to S$68.4m (US$50m), increasing its first half net profit to S$100m. The Singapore-based company said its revenue in the quarter ended 30 June also rose 34% to S$962.5m. Cosco attributed the growth to its shipyard operation units,

Cosco Corporation’s second quarter profit rose 84% to S$68.4m (US$50m), increasing its first half net profit to S$100m.

The Singapore-based company said its revenue in the quarter ended 30 June also rose 34% to S$962.5m.

Cosco attributed the growth to its shipyard operation units, which generated revenue from ship building and marine engineering projects.

The firm has a newbuild order book of S$7.4bn (US$5.4bn) with deliveries up to the first quarter of 2013.

In June, Cosco’s Dalian and Guangdong shipyards signed contracts worth S$596m (US$440m) to build 15 carriers for European shipowners.