Press Release [For Immediate Release]
COSCO SHIPPING International Announces 2018 Interim Results
The basic earnings per share were 12.01 HK cents Interim dividend were 5 HK cents per share
(24th August 2018, Hong Kong) The board of directors ("the Board") of COSCO SHIPPING International (Hong Kong) Limited ("COSCO SHIPPING International" or the "Company", stock code:
00517.HK) today announced the unaudited consolidated results of the Company and its subsidiaries (collectively the "Group") for the six months ended 30th June 2018.
In the first half of 2018, the global economy saw an upward trend in growth with improving market confidence. However, amid excess capacity, trade disputes and other uncertainties, the overall performance of the shipping market remains mediocre, with container shipping, oil tanker shipping, and LNG shipping prices all stay in low levels. The delivery volume of the new buildings further declined compared with the same period last year.
During the period, COSCO SHIPPING International speeded up the establishment of "shipping services industrial cluster", engaged with the transformation of ship modernization and specialization, and strived to reduce the impact of the market downturn on the company.
The company entered into Management Services Master Agreement with COSCO SHIPPING (Hong Kong) Group, which significantly improves its operation and decision-making efficiency. From a business standpoint, the company acquired 33% equity interest in Nasurfar Biomaterial Technology (Changshu) Co., Ltd., which not only extends its industrial chain, but also forms a good synergy to the company's existing businesses.
During the period, revenue of the company was HK$4,788 million; profit attributable to equity holders was HK$184 million, decreased by 10.47% as compared to same period of 2017. Basic earnings per share were 12.01 HK cents. The Board declared an interim dividend of 5 HK cents per share.
As at the end of 30th June 2018, COSCO SHIPPING International had net cash of HK$6.3 billion, which will provide strong capital support for major acquisitions and expansion of existing businesses in future.
Looking ahead, the global economy will continue its recovery momentum. The overall easing of fiscal policies and reform measures are the driving forces for the sustained recovery of major global economies. However, the uncertainties brought about by the global trade frictions are becoming increasingly apparent, which may hinder the sustainable development of global trade.
COSCO SHIPPING International will continue its effort to build itself as a "shipping service industry cluster and non-financial business investment platform". In the construction of the shipping service industry cluster, we should find a breakthrough point in the modernization and operation
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香港皇后大道中 183 號中遠大廈 47 樓
47 Floor, COSCO Tower, 183 Queen's Road Central, Hong Kong Tel: (852) 2809 7888 Fax: (852) 8169 0678 www.coscointl.com
specialization of ships, and do a good job in the transformation and upgrading of existing businesses. At the same time, we should actively seek acquisition opportunities inside and outside the COSCO Shipping Group, and gradually build the core competitiveness of the company. In the construction of the non-financial business investment platform, we will consciously integrate with the country's and COSCO Shipping Group's development strategy, actively finding investment opportunities in new economic frontiers and emerging industries, and seek strategic partnerships involving new energy, new technology and new materials. The company will do its best to promote the rational embodiment of the company value in the capital market.
Financial Summary
For the six months ended/ as at 30th June 2018 2017 Change(%)
Profit attributable to equity holders (HK$ mn) 184 206 -10.47%
Basic earnings per share (HK cents) 12.01 13.41 -10.48%
Interim dividend per share (HK cents) 5.00 6.00 -16.67%
Net cash per share (HK$) 4.11 4.19 -1.88%
Company Background
Headquartered in Hong Kong, COSCO SHIPPING International (Hong Kong) Co., Ltd.("COSCO SHIPPING International") is a listed company (stock code: 00517.HK) that provides comprehensive shipping services. Its core businesses include ship trading agency, marine insurance brokerage, supply of marine equipment and spare parts, production and sale of coatings, and trading and supply of marine fuel and related products. Its business network covers mainland China, Hong Kong, Japan, Singapore, the USA and Europe. COSCO SHIPPING International's ultimate controlling shareholder, China COSCO Shipping Corporation Limited, is the world's largest shipping company in terms of comprehensive strength. Looking forward, COSCO SHIPPING International will fully seize the development opportunity presented by China COSCO Shipping Corporation Limited, and develop itself as a "shipping service industry cluster and non-financial business investment platform".
Editorial Note
The announcement of 2018 interim results is available on the website of the SEHK (www.hkexnews.hk) and the Company's website (www.coscointl.com). For enquiries, please contact: Company Secretarial & Investor Relations Department of COSCO SHIPPING International:
Zheng Xiaofeng, Vice General Manager YK Chen, IR Officer
Tel: (852) 2809 7810 Tel: (852) 2809 7820
Email: zhengxf@coscointl.com Email: chenyk@coscointl.com
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香港皇后大道中 183 號中遠大廈 47 樓
47 Floor, COSCO Tower, 183 Queen's Road Central, Hong Kong Tel: (852) 2809 7888 Fax: (852) 8169 0678 www.coscointl.com
24/08/2018 Dissemination of a Marketing Press Release, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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