Coscol Profit Jumps by 91pct
By Aiswarya Lakshmi
Friday, October 16, 2015
The heavy lift arm of China’s Cosco Group, China Shipping Co (Coscol) has almost doubled its profit for for the first nine months despite a fall in revenue.
Coscol recorded a profit of RMB366.08m ($57.67m) from January to September, a surge of 90.9% compared to the gain of RMB191.78m in the same period of last year.
However, the nine-month profit was a decrease from the first half profit of RMB391.8m, pointing to a disappointing third quarter earnings.
The brief set of financial results released by Shanghai-listed Coscol did not reveal figures for the third quarter of this year.
The Company continued to increase marketing efforts, improve fleet structure, fuel prices, fleet efficiency, says a statement from the company.