Shanghai-listed COSCO Shipping posted profits of CNY191.7M ($31.29M) for the first three quarters this year, returning to black from the loss of CNY42.8M in the same period last year, according to its fiscal report yesterday.
The company recorded revenue of CNY547.3M, down by 3.24% year on year, and its earnings per share (EPS) went up by 548% to CNY0.113.
It received CNY182.9M in subsidies for ship scrapping from its parent company COSCO group on September 30.
COSCO Shipping attributed the profit to the enhancement of marketing, the improvement of its fleet as well as strict control of operation cost.
During the first nine months, the company's fleet handled a total 10.4M tonnes of cargo, down by 6% than the previous year. Its multipurpose vessels (MPV) shipped 3.6M tonnes of cargos during this period, down by 26.2% y/y and accounting for 34.6% of total cargo.
As bunker prices keep dropping, COSCO Shipping is projected to reduce more operational cost and perform better this year, according to analysis by Guangfa Securities.