COSCO Corp says Q3 profit jumps, receivables at 11-year high

[SINGAPORE] COSCO Corp (Singapore) Ltd, part of one of China's largest shipbuilding groups, said on Monday that its receivables at the end of the third quarter had soared 62 per cent from the end of 2013 to the highest in at least 11 years, while its quarterly net profit jumped 69 per cent from a year earlier.

COSCO Corp, a Singapore-listed subsidiary of Chinese state-owned maritime conglomerate China Ocean Shipping (Group) Company, said higher trade and other receivables, at S$4.7 billion (US$3.7 billion), reflected a rise in construction contracts in the marine engineering segment and an increase in advances paid to suppliers.

COSCO reported a net profit of S$7.1 million on revenue of S$1.2 billion for the quarter.

REUTERS