COSCO Shipping income jumps to $5.5m in 2024
This was amidst a slight decrease in revenue.
COSCO Shipping International (Singapore) Co., Ltd. has reported a surge in its net income attributable to equity holders, to reach $5.5m in fiscal year (FY) 2024 from $1.9 million in FY 2023.
According to its earnings report, COSCO Shipping’s revenue for the past fiscal year was down 3% to $172.9m. This was attributed to lower revenue from the Property management segment, which was down 77% due to the expiration of the lease at The Grandstand on 31 December 2023.
Logistics activities accounted for approximately 87% of the group's revenue which increased by 1% to $149.9m. This was mainly driven by higher revenue contribution from warehousing and transportation management service in Singapore and Malaysia due to an increased volume of business activities from key customers.
There was also an increase in revenue from Ship repair and marine engineering driven by a higher volume of ship repair jobs in Singapore.
Meanwhile, its gross profit margin increased slightly to 25% due to higher margins from the Ship repair and marine engineering and Property management segments.
The increase in other income was driven by increased sundry income and settlement income, partly offset by a decrease in interest income. Interest income decreased by 50% in FY 2024 mainly due to decrease in interest rates for bank deposits and cash at bank.
