Cosco Corp's Q1 profit up 30%

Singapore

COSCO Corporation (Singapore) Ltd said yesterday that its first-quarter net profit jumped 30 per cent from a year earlier to $12.6 million, the highest in more than a year.

The shipbuilder, controlled by Chinese state-owned conglomerate China Ocean Shipping (Group) Company (Cosco), posted a 42 per cent increase in first-quarter revenue to $1.04 billion, as higher income from ship- repair and marine engineering offset a decline in revenue from building dry bulk carriers and other conventional vessels. "Due to new tonnage accumulation in the past years, any possible market recovery in the dry bulk shipping segment will be a slow process with uncertainty," Cosco Corp said in a s…