HONG KONG, March 22, 2012 /PRNewswire-Asia/ --
Financial Summary
For the year ended 31st December | 2011 (HK$ mn) | 2010 (HK$ mn) | Change (%) | |||
Revenue | 10,656 | 8,667 | +23% | |||
Gross profit | 892 | 715 | +25% | |||
Profit before income tax from shipping services | 488 | 410 | +19% | |||
Profit attributable to the equity holders | 390 | 1,269 | -69% | |||
Profit attributable to the equity holders if items(Note) relating to SOLHL were excluded | 390 | 287 | +36% | |||
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Results and Business Summary
Outlook
In 2012, the outlook of the overall shipping market is still not optimistic. On one hand, weaker consumption in developed countries will slow down the growth of global trading volumes; on the other hand, overcapacity will remain unfavorable to the shipping market because of a large amount of new build vessels to be delivered.
Mr. Ye Weilong, Chairman of COSCO International commented, "Facing excess capacity in the global shipping market, surging oil prices and environmental protection requirements raised by International Maritime Organization, shipowners have to improve operating efficiency and reduce operating costs to enhance their profitability. In response to shipowners' needs, COSCO International formulated its vision of 'Establishing itself as a global leading one-stop service provider focusing on shipping services'. In the coming five years, COSCO International will explicitly establish its business portfolio and the content of its one-stop service. COSCO International will also set up a global sales and service network and build a customer-oriented business model to enhance shipowners' core competence, aiming at pursuing sustainable development of the Company."
"COSCO International will adhere to the guiding principle of "Inheritance, Innovation, Development" in 2012. It will take the advantage of combining asset management and capital operation and adapt itself to the market trends, while ensuring smooth business operation, carrying out various risk controls and pursuing profitability and stable development of various business units. At the same time, with the full support from COSCO Group and COSCO (Hong Kong) Group Limited, COSCO International, in accordance with its strategic development plan, will continue to explore the opportunities of consolidating business resources within and outside COSCO Group. We believe that the Company's profit scale will be expanded gradually through business integration and capital operation by making good use of the cash in hand, so as to create greater returns for our shareholders." Chairman Ye ended.
In order to support sustainable growth and to accelerate developments, the Company's total capital expenditure is expected to be approximately HK$3.05 billion, including the capital expenditure for potential acquisition and investment and other expenditure on operating facilities. The Company expects that such capital expenditure will strongly support its growth in the future.
Editorial Note
The 2011 Annual Results announcement is available on the website of the SEHK (www.hkexnews.hk) and the Company's website (www.coscointl.com). A webcast replay of the 2011 Annual Results analyst presentation will be available at the Company's website after 10:00pm, 22nd March 2011.
Company Background
COSCO International Holdings Limited (Stock Code: 00517) was listed on the main board of the SEHK in February, 1992. COSCO International is mainly engaged in the provision of shipping related services and products, which 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 vision is to establish itself as a global leading one-stop service provider focusing on shipping services. Its businesses and service network cover China Mainland & Hong Kong, Singapore, Japan, and other major fueling ports worldwide. COSCO International is a listed company owned by COSCO (Hong Kong) Group Limited, which is a wholly-owned subsidiary of China Ocean Shipping (Group) Company ("COSCO"). COSCO is one of the most recognised multinational conglomerates in the world, which focuses mainly on shipping and logistics businesses as well as other shipping related businesses.
For enquiries, please contact:
Investor Relations Department of COSCO International
Yang Ling, General Manager Tel: (852) 2809 7810 Fax: (852) 8169 0678 Email: yangl@coscointl.com
| Candy Cheung, Deputy General Manager Tel: (852) 2809 7706 Fax: (852) 8169 0678 Email: cheungky@coscointl.com
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Tsoi Ching Chung, Manager Tel: (852) 2809 7828 Fax: (852) 8169 0678 Email: tsoicc@coscointl.com | Crystal Lu, Officer Tel: (852) 2809 7820 Fax: (852) 8169 0678 Email: lul@coscointl.com |
PR China Limited Henry Chik/ David Shiu/ Eric Song Tel: (852) 2522 1838 / 2522 1368/ 2521 2823 Fax: 2521 9955 Email: hchik@prchina.com.hk / dshiu@prchina.com.hk / esong@prchina.com.hk |