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Cosco Shipping Q3 profit down on absence of profit from discontinued operations

COSCO Shipping International's third-quarter net profit fell 91 per cent year on year to S$2.12 million as the corresponding quarter a year ago was boosted by a profit from discontinued operations of $23.6 million relating to the disposal of the group's shipyard business in China.

During the quarter under review, revenue jumped by over six times from S$7 million to S$42.15 million on the back of contributions of S$34.5 million from newly acquired logistics businesses.

Earnings per share for the quarter came to 0.09 Singapore cent, down from 1.10 cents a year ago.

Share of profit of an associated company of nearly $0.7 million was mainly due to share of profit from the newly acquired 40 per cent stake in PT Ocean Global Shipping.

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Cosco said that it aims to expand its logistics network in South and South-east Asia through acquisitions and investments and continues to explore potential targets to acquire, and investment opportunities.It added: "In the third quarter of 2018, the international dry bulk shipping market showed an improvement over the same period in 2017." 

Its subsidiary Cosco Singapore currently has three vessels with a total tonnage of 163,000 tonnes and with an average age of 13 years.

The counter closed at 35.5 Singapore cents on Monday, down half a cent.