COSCO SHIPPING International (Hong Kong ) Announces 2020 Interim Results

Aug 20, 2020

(20 August 2020, Hong Kong) The board of directors (“the Board”) of COSCO SHIPPING International (Hong Kong) Limited (“COSCO SHIPPING International (Hong Kong)” or the “Company”, stock code: 00517.HK) today announced the unaudited condensed consolidated results of the Company and its subsidiaries (collectively, the ”Group’’) for the six months ended 30th June 2020.

 

In the first half of 2020, the global economy was gravely impacted by the outbreak of COVID-19. The entire production chain of the economy, from raw materials, production, logistics and transportation to sales and services had been subjected to disruptions or even suspension of operation to varying degrees. In view of the severe market conditions amid the COVID-19, the Group had been responding promptly. In response to the changes in the epidemic, we had taken comprehensive measures to ensure the safety of personnel and hygiene of the working environment, striving the best in anti-epidemic works.

 

During the period, profit attributable to equity holders of the Company decreased by 12% YOY to HK$132 million. Basic earnings per share was 8.59 HK cents. The Board has declared an interim dividend of 6.5 HK cents (At the same period in 2019: 7.0 HK cents).

 

The Group adhered to its positive attitude and was committed to the market expansion and cost control of the business. In the first half of the year, the Group’s overall profit before income tax dropped by 14% YOY. Profit before income tax from core shipping services business increased by 26% YOY. In particular, the marine coatings business continued to recover with further strengthened profitability and stability. Double Rich, an associate of the Company, recorded year-on-year profit increment, spurring the marine fuel business to grow.

 

Looking forward to the second half of the year, the COVID-19 epidemic will remain the major uncertainty to the global economy. While the pandemic outside China remains unstable, the recovery of overall economic activities will be slower than previously expected. As China has taken the lead in economic recovery, COSCO SHIPPING International is expected to maintain a stable prospect in its business performance, given our merits in strong operational resilience, business diversification and solid financial foundation. we will continue to strengthen the prevention and control measures with respect to COVID-19 in order to ensure the safety of our employees. Meanwhile, we will also optimise our business processes to adapt to the challenging macroeconomic environment with high-quality development.

 

With the strong support from COSCO SHIPPING Group and an aim of becoming a world class and the leading shipping services company in China, COSCO SHIPPING International will continue to implement the established development strategies, and will adhere to the two strategic directions for development, namely ‘‘unified operational platform for shipping services industrial cluster’’ and the “non-financial business investment platform’’, in order to accomplish sustainable business development, maximise enterprise value, and create long-term and stable returns for shareholders.

 

Results Highlights

For the six months ended / as at 30 June

2020

2019

Changes(%)

Profit attributable to equity holders (HK$ mn)

131.63

150.03

-12%

Basic earnings per share (HK cents)

8.59

9.79

-12%

Annual dividends per share (HK cents)

6.5

7.0

-7%

Net asset value per share (HK$)

5.13

5.13

-

 

Editorial Note

The announcement of 2020 interim results is available on the website of the SEHK (www.hkexnews.hk) and the Company’s website (www.coscointl.com).

 

For enquiries, please contact:

PR Division of COSCO SHIPPING International (Hong Kong)

Zheng Xiaofeng 

Deputy General Manager

Tel: (852) 2809 7810

Fax: (852) 8169 0678

Email: zhengxf@coscointl.com

Scott Leung

Manager

Tel: (852) 2809 7706

Fax: (852) 8169 0678

Email: leungshutak@coscointl.com

YK Chen

Senior Officer

Tel: (852) 2809 7820

Fax: (852) 8169 0678

Email: chenyk@coscointl.com