Find out why COSCO's 1Q13 performance was disturbingly disappointing

6 May 2013 - Singapore Business Review
Turnover form shipyard operations dropped 26%. According to OCBC, COSCO Corp’s 1Q13 revenue and net profit attributable to shareholders came in at S$733m (-25% YoY) and S$9.7m (-65% YoY) respectively. Turnover from shipyard operations, consisting of ship repair and shipbuilding, decreased by 26% YoY ...
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Cosco's earnings sank a depressing 65% to S$9.7m

6 May 2013 - Singapore Business Review
What could be blamed? According to DBS, Cosco reported a disappointing set of 1Q13 results with net profit coming in at S$9.7m (-65% y-o-y), way below expectation of S$20-25m. Key variances were the lower than expected non-offshore revenue and sale of scrap materials, as well as forex loss. Here's more ...
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A Dangerous Way to Look at Share Prices

4 Mar 2013 - The Motley Fool Singapore
Over the Chinese New Year festive period, a cousin of mine asked me, ‘Do you think Apple’s (NASDAQ:AAPL) share price will hit $700 again?’ The iPhone and iPad manufacturer saw its share price hit an all-time high of $705 in the later months of 2012 before starting a long decline to its current share ...
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Why Cosco is scrambling to revamp shipbuilding order book

25 Feb 2013 - Singapore Business Review
Delivery of 36 vessels are schedules early 2014. According to DBS, Cosco managed to shorten its delivery lead time for dry bulk vessels to 10 months and reduce offshore project losses, which led to margin improvement in FY12. However, excess capacity in both the shipping and shipbuilding sectors, as ...
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COSCO shipyard awarded $200m Energy Drilling rig building contract

22 Feb 2013 - Singapore Business Review
Includes option for another unit. In a release, the Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Guangdong) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a contract with Energy Drilling Pte Ltd to ...
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Cosco could be veering towards a gloomy 2013

22 Feb 2013 - Singapore Business Review
Only 32 bulk carriers are for delivery. According to CIMB, Cosco’s execution in offshore projects appears to have improved with more reversals of provisions in 4Q12. However, the firm expects earnings to decline in 2013 from weaker conversion and ship repair, and dwindling shipbuilding projects. 4Q12 ...
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Cosco clears up shipbuilding contracts' US$54m value

30 Jan 2013 - Singapore Business Review
It's exclusive of owner-furnished equipment. According to a release, Cosco referred to its announcement of 28 January 2013 captioned "two shipbuilding contracts become effective" and clarified that the value of US$54 million cited in paragraphs 1 and 3 of the said announcement excludes owner-furnished ...
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COSCO inks US$200m semi-submersible accommodation rig deal

20 Dec 2012 - Singapore Business Review
It’s scheduled for delivery in Q12015. According to a release, the Board of Directors of COSCO Corporation (Singapore) Limited is pleased to announce that the contract for one (1) unit of Harsh Environment Semi-Submersible Accommodation Rig, signed by COSCO Qidong Offshore Co., Ltd, a subsidiary of the ...
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Cosco bags a hefty US$370m vessel building deal

18 Dec 2012 - Singapore Business Review
Its cash register rings again. According to a release, the Board of Directors of COSCO Corporation Limited announced that COSCO Nantong Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a contract valued over USD370 million from a European company ...
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Cosco might have to rethink its US$1.4b offshore contracts

12 Dec 2012 - Singapore Business Review
Something is at risk. According to CIMB, Cosco secured about US$1.4bn of offshore contracts YTD which it believes could be at the expense of its balance sheet. Here's more from CIMB: Net gearing in 3Q12 shot up to 1.02x. Management expects more bank borrowings as it executes more offshore projects on ...
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