COSCO Shipping Development Reports Higher Revenue

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The performance of China-based ship leasing and transportation businesses company COSCO Shipping Development have developed over the time. The company’s 2017 performance shows a revenue of RMB 16.34bln (USD 2.59bln), which is 2.4% up from the revenue collected in 2016, the report says.

The net profit attributable to equity holders of the parent company is RMB 1.46bln (USD 230mln), up 296.6% compared with that of 2016.

Reason for the rise

Over the past year, the Company continuously improved its management level, increased its asset size and economic benefits and achieved collaborative development in its three business sectors, a statement from the company said.

In 2017, the Company actively forged its brand featuring shipping finance, steadily advanced the development of chartering, container lease and other industrial lease business.

At the same time, the Company actively made innovations in business model, formed its unique competitive advantages and tried to promote its asset management capability and return on invested capital.

In 2017, the Company’s business performance in the container manufacturing sector grew steadily. The Company seized the market opportunities brought by shipping market recovery and release of a large number of container orders and recovered dual-shift production to fully tap its production capacity.  

Future Hopeful

The management of the Company is confident in the development prospects of COSCO Shipping Development.

It will adhere to the concept of “integrate industry and finance and help industry with finance”, actively respond to and tap the finance service requirements of shipping industry, optimize, strengthen and enlarge “shipping finance industry” by focusing on “marine economy” and expand broader business space in fields of capital market operation, shipping finance service, diversified financing, shipping funds, etc.

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Source: MarineLink

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