Asia/Pacific News
COSCO Posts Profits After Three Straight Years of Losses
Tuesday January 27, 2015
China Ocean Shipping (Group) Company (COSCO Group) reported a profit of 5.04 billion yuan ($823 million) in 2014, its first positive result after three consecutive years of losses, Chinese state news agency Xinhua reports.
Chairman Ma Zehua said that operational revenues rose 2 percent, while overall costs fell 0.21 percent and its asset liability ratio fell 4.4 percent.
The company is also in the process of trying to bring up its overall profitability to between 4 percent and 5.5 percent by 2020.
Last week the company announced it had signed a deal with the Export-Import Bank of China for a $1.75 billion loan in order to purchase 53 new vessels.
