COSCO SHIPPING International (Singapore) (F83) H2 2023 earnings summary

Executive summary

• FY 2023 revenue declined 4% YoY to $178.7 million; attributable profit was $1.9 million versus an $88.6 million loss in FY 2022, primarily reflecting no repeat of the prior-year goodwill impairment.

Financial highlights

• Profit before income tax was $5.655 million, compared with a loss of $84.563 million in FY 2022; diluted EPS was 0.08 cents versus a loss of 3.96 cents.

• Excluding FY 2022's goodwill impairment, net profit decreased 82% YoY, reflecting the lease expiry, higher financing costs and lower associated-company profits, partly offset by higher interest income.

Outlook and guidance

• Plans include investing in logistics supply-chain infrastructure and resources at the appropriate time, expanding the network, and monitoring Singapore and Southeast Asia logistics markets.

• Global economic conditions are expected to remain challenging; the World Bank projected 2.4% global growth in 2024 versus 2.6% in 2023.