COSCO SHIPPING Development Announces 2019 1Q Results

COSCO SHIPPING Development Co., Ltd. (“COSCO SHIPPING Development” or the “Company”) (SSE: 601866, HKEx: 2866) today announced its 1Q results for the three months ended 31 March 2019 (the “Period”).

 

After three years of active exploration, COSCO  SHIPPING Development has successfully created a preliminary one-stop shipping financial services platform which features the “collaboration between industrial development and financial services and utilizing financial services to promote industrial growth”. In 2019, the Company continued to improve its management capabilities and comprehensive competitiveness, and promote the high-quality development of various business sectors. During the Period, the Company recorded revenue of RMB 3.201 billion. The net profit attributable to shareholders of the Company amounted to RMB 0.596 billion, representing an increase of 112.48% year-on-year. Basic earnings per share were RMB 0.0511.

 

SHIPPING AND INDUSTRY-RELATED LEASING SEGMENTS: diversifying business model while giving full play to scale effect

 

In respect of the vessel leasing segment, the Company actively implemented the strategy of combining industry with finance and continuously explore new business models in an effort to utilize financial services to promote industrial growth. Meanwhile, the Company made every effort to improve its brand image and steadily pushed forward the exploration of third-party markets.

 

For the container leasing segment, while optimizing customer structure and stepping up marketing efforts,  the  Company  vigorously  explored  new  business  areas  and  high  value-added  businesses,

constantly enhanced the Company’s operational performance, management capabilities and strengths.

 

As for other leasing businesses, on the basis of consolidating existing business strengths, the Company

 

steadily developed new business areas. Meanwhile, the Company reinforced risk management and made all-out effort to improve asset management and operational capabilities.

 

CONTAINER MANUFACTURING SEGMENT: improving service quality and enhancing comprehensive competitiveness

 

The Company proactively responded to the challenges and opportunities brought by the fluctuation of the shipping industry. Further improved its service quality and increased efforts in R&D and marketing, the Company enhanced its comprehensive competitiveness on a continuous basis and maintained good momentum in manufacturing and sales.

 

INVESTMENT AND SERVICES SEGMENT: leveraging collaboration between industrial development and financial services to improve financial returns

 

The Company continuously optimized its investment portfolios, leveraged collaboration between industrial development and financial services to provide supply chain finance services for upstream and downstream players. Focused on the two-pronged approach: creating strategic synergies and driving business development, the Company achieved satisfactory financial returns and gradually became an important pillar to mitigate the fluctuations of the shipping industry.

 

As there are more uncertainties ahead for global economy in 2019, the recovery of shipping industry is expected to remain slow. Facing the challenges, the Company will committed to develop and innovate the shipping finance business, further leverage synergy and endeavor to build an integrated supply chain financial service platform serving shipping and logistics industry.

 

Source:XINDE MARINE NEWS

Please Contact Us at：

admin@xindemarine.com