COSCO SHIPPING International (Singapore) (F83) H1 2023 earnings summary

Executive summary

• H1 2023 revenue was $90.174m, down 2% YoY; gross profit rose 9% to $22.1m, while profit attributable to equity holders fell 68% to $1.959m.

• Lower associate contributions and higher finance costs weighed on earnings, partly offset by improved margins and higher interest income.

Financial highlights

• Profit before tax was $4.356m, down 49% YoY; basic and diluted EPS were 0.09 cents versus 0.28 cents.

• Cost of sales declined 6% to $68.113m as gross profit increased to $22.061m from $20.249m.

• Other income rose 31% to $1.764m, including a 495% increase in interest income; finance costs rose 77% to $6.964m.

• Total comprehensive income was $0.655m, down 89% YoY, including $1.645m of currency translation losses.

Outlook and guidance

• No numerical forecast was stated; focus remained on collaboration and operational optimisation, with strategic acquisitions and investments considered for logistics-network expansion based on scale, performance, growth potential and synergies.

• Application for an additional 2.5-hectare plot for phase two of the Jurong Island Chemical Logistics Facility remained pending; further pursuit was planned.

• No H1 2023 dividend was recommended while strategic moves to support sustainable growth and long-term shareholder value were being evaluated.