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COSCO Corporation (Singapore) Limited
OVERVIEW
The Group achieved net profit attributable to equity
holders of $20.9 million on turnover of $4.3 billion in
2014.
TURNOVER
Group turnover increased 21.5% to $4.3 billion in 2014
from $3.5 billion in 2013 owing to an increase in shipyard
revenue.
Turnover from shipyard operations increased by 21.9%
to $4.2 billion in 2014 from $3.5 billion in 2013, owing
mainly to growth in revenue from marine engineering
and ship building segments.
The Group delivered 8 bulk carriers in 2014. Of these,
COSCO Dalian Shipyard delivered 4 bulk carriers, while
COSCO Zhoushan and COSCO Guangdong Shipyard
delivered 2 bulk carriers each.
In addition, COSCO Guangdong Shipyard delivered 2
livestock carriers, 2 tender barges and 1 platform supply
vessel, COSCO Nantong Shipyard delivered 2 pipelay
heavy lift vessels, 1 wind turbine installation vessel, 1
tender rig and 1 jack-up rig, and COSCO Zhoushan
Shipyard delivered 1 float-over launch barge and 1
stinger barge.
Turnover from dry bulk shipping and other businesses
decreased marginally by 5.6% from $55.6 million in
2013 to $52.5 million in 2014.
The BDI started the year 2014 at 2,113 points and ended
the year at 782 points. The BDI averaged 1,105 points
for 2014, which was a 8.4% decrease from the average
of 2013 of 1,206 points. Currently, the group’s dry bulk
shipping fleet comprises Panamax and Handymax
carriers.
Shipyard business remained the biggest revenue
contributor, forming 98.8% of Group turnover in 2014.
PROFITABILITY
Gross profit decreased 9.4% from $321.2 million in 2013
to $291.0 million in 2014 mainly due to higher inventory
write-downs.
On 9 January 2015, the Group announced that the
management of COSCONantong decided to discontinue
the Octabuoy hull and topside module project with
ATP Oil and Gas (UK) Limited, a company in voluntary
arrangement (CVA) in the United Kingdom. This resulted
in a one-off charge of S$91.4 million in 2014.
GROUP
Financial Review
Operations and Financial Review
