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Cosco Shipping swings back to into the black with 1Q earnings of $2.8 mil

PC Lee
PC Lee5/15/2018 05:24 PM GMT+08  • 2 min read
Cosco Shipping swings back to into the black with 1Q earnings of $2.8 mil
SINGAPORE (May 15): Cosco Shipping International (Singapore) Company, recorded earnings of $2.8 million for 1Q18 ended March compared to a loss of $78.9 million in 1Q17.
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SINGAPORE (May 15): Cosco Shipping International (Singapore) Company, recorded earnings of $2.8 million for 1Q18 ended March compared to a loss of $78.9 million in 1Q17.

Group turnover for the logistics management service provider surged about 3.5 times to $40.6 million in 1Q18 compared to $11.4 million in 1Q17 mainly due to turnover of $32.1 million from newly acquired logistics businesses, offset by a decrease in shipping revenue from a reduced fleet of three bulk carriers.

The increase in cost of sales of $19.3 million and increase in distribution, administrative and finance expenses of $8.1 million were mainly due to the newly acquired logistics businesses.

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