COSCO Reports 2013 Net Profit Down 71 Percent

cosco
A Chinese national flag flies in front of COSCO’s headquarters in Beijing in this August 26, 2010 file photo. (c) REUTERS/Barry Huang

reuters_logo1SINGAPORE, Feb 24 (Reuters) – Chinese shipbuilder COSCO Corp (Singapore) Ltd on Monday reported a 71 percent fall in full-year 2013 net profit, due to lower profit contributions from ship building and marine engineering segments.

COSCO Corp, a subsidiary of state-owned maritime industry giant China Ocean Shipping (Group) Co, said its full-year net profit stood at S$30.6 million ($24.14 million), below the Thomson Reuters SmartEstimate of S$43.78 million.

The company did not state its fourth-quarter results. In the first nine months of the year, its net profit slumped 68 percent to S$26 million.

The shipbuilder said its order book was at $7.8 billion, up from $7.2 billion a quarter earlier.

($1 = 1.2676 Singapore dollars)

(Reporting by Rujun Shen; Editing by Matt Driskill)