Shipping companies report mixed results
October 31, 2012 Category Logistics, Ports & sea transport
Three of China’s largest shipping companies posted mixed third-quarter results with China Cosco Holdings posting a CNY1.53 billion net loss, while two subsidiaries of rival China Shipping reported net profits. China Cosco plunged deeper into the red with a CNY6.4 billion net loss in the first nine months of this year which reflected poor container shipping and dry bulk markets in the first part of this year. This was despite CNY808.3 million in government subsidies received between January and September this year, more than double the CNY317.8 million it received last year. By comparison, the firm saw a CNY4.77 billion net loss in the first nine months of last year. Container shipping revenue soared 26.5% to CNY11.5 billion out of the total China Cosco third-quarter revenue of CNY19.1 billion. But the dry bulk division, which contributed CNY3.4 billion of the CNY4.8 billion total losses in the first half, stayed in the red. China Cosco’s third-quarter report also showed short-term borrowings nearly doubled to CNY5.64 billion by September 30, compared with the beginning of this year.
By comparison, China Shipping Container Lines posted a 204.2% rise in net profit to CNY991.1 million in the third quarter compared with a year earlier, but it remained in the red for the first nine months of this year, posting a CNY289.9 million net loss, considerably less than the CNY1.58 billion net loss reported between January and September last year. Total operating revenue climbed to CNY9.28 billion in the third quarter against CNY7.19 billion a year earlier. Total operating revenue in the first nine months rose to CNY24.59 billion, up from CNY21.17 billion in the same period last year. China Shipping Development, which specializes in oil and dry bulk cargoes such as coal, reported a net profit of CNY89.2 million for the third quarter, down 31.8% against CNY130.8 million last year, but the company also remained in the red between January and September with a CNY406.2 million net loss against an CNY815.2 million net profit last year.
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