China’s COSCO Group Returns to Profit in 2014

BEIJING, Jan 24 (Reuters) – China Ocean Shipping Group Co (COSCO) returned to revenue in 2014 after three years of losses, state media stated on Saturday, citing an interview with the group’s chairman.

The state-backed transport conglomerate, which controls China COSCO Holdings Co Ltd , had a revenue of 5.04 billion yuan ($809.26 million) final yr, stated Ma Zehua, in line with the official Xinhua information company.

Operating revenues had been up 2 % year-on-year, stated Xinhua with out offering a determine, whereas COSCO’s asset to legal responsibility ratio fell 4.4 share factors to 55.4 % on the finish of 2014.

COSCO is now concentrating on annual profitability of between 4 and 5.5 % by 2020, stated Xinhua.

On Monday, the group stated it had acquired a $1.75 billion mortgage from the Export-Import Bank of China with which to purchase 53 new ships. These would come with oil tankers, container ships and dry-bulk vessels, serving to to exchange 100 vessels COSCO had scrapped within the final two years.

Last week, COSCO Shipping Co Ltd stated its preliminary 2014 web revenue was up 491.3 % year-on-year to 193 million yuan ($30.99 million).

($1 = 6.2279 Chinese yuan renminbi) (Reporting by Paul Carsten; Editing by Simon Cameron-Moore)