COSCO SHIPPING Ports registers net profit increase

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COSCO SHIPPING Ports declared its 4th quarter and full year 2020 results last week, a key highlight being improved net profit for both periods.

2020 Fourth Quarter Results Highlights

* Revenue increased by 9% yoy to $277.9 million

* Gross profit increased by 19.4% yoy to $63 million

* Share of profits from joint ventures and associates increased by 24.1% yoy to $64 million

* Net profit rose by 11% yoy to $98.2 million

2020 Full Year Results Highlights

* Revenue reduced by 2.6% yoy to $1,000.6 million

* Gross profit reduced by 14.7% yoy to $232.6 million

* Share of profits from joint ventures and associates increased by 2% yoy to $272.7 million

* Net profit rose by 12.8% yoy to $347.5 million

* Net debt-to-total-equity ratio reduced by 7.2 percentage points to 26.8%

* Declared a second interim dividend of US 2.256 cents per share (equivalent to HK 17.5 cents per share), up 11.2% when compared with 2019 final dividend of US 2.028 cents per share (equivalent to HK 15.7 cents per share). The company declared a higher dividend on the back of satisfactory results in 2020 despite challenges brought by the Covid-19 pandemic, said a release.