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Cosco Corp shiprepair bet pays off with profit jump.
(From Lloyds List)
Byline: Marcus Hand in Singapore
Cosco Corp's focus on shiprepair is paying dividends with a 36% jump in first half profits.
Cosco Corp reported a first half net profit of S$88.6m (US$56.1), up 36% on the same period in 2005 with revenues up 42% to S$533m for the first half of 2006.
Ji Hai Sheng, vice chairman and president, noted that shiprepair now accounted for 84% of company revenues. Bulk shipping, until recently the company's main business, accounted for just 14%, while shipping agency makes up a further 2%.
While Cosco is making major investments in the shiprepair and conversion business through its 51% stake in Cosco Shipyard Group, it has no expansion plans for its dry bulk business.
Earlier this year Cosco Corp sold four of its older bulk carriers to its parent Cosco Group, and now with a fleet of 12 ships has no newbuildings plans.
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