COSCO SHIPPING Energy Transportation Co Class H ( (CSDXF) ) has released its Q3 earnings. Here is a breakdown of the information COSCO SHIPPING Energy Transportation Co Class H presented to its investors.
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COSCO SHIPPING Energy Transportation Co., Ltd., a joint stock limited company incorporated in China, specializes in the transportation of oil and natural gas, primarily operating in the international shipping industry. The company is listed on both Shanghai and Hong Kong stock exchanges.
In its third quarterly report for 2024, COSCO SHIPPING Energy reported a mix of growth and decline in its financial performance. Although the company experienced an increase in revenue, net profit saw a decrease compared to the previous year, indicating fluctuating market conditions and operational challenges during the period.
Key financial highlights include a 10.76% increase in revenue for the quarter compared to the same period last year, reaching approximately RMB 5.49 billion. However, net profit attributable to shareholders decreased by 10.93% to approximately RMB 808.46 million. The company’s basic and diluted earnings per share also saw a decline, while its total assets grew by 4.31%.
Despite challenges such as geopolitical events affecting freight rates, COSCO SHIPPING Energy achieved positive tanker utilization and transportation turnover growth. The international oil shipping business faced a decrease in gross profit, while the LNG shipping sector contributed a notable increase in net profit.
Looking forward, the company remains focused on navigating the volatile shipping market and optimizing its operations to enhance profitability. The management is committed to leveraging its extensive fleet and strategic initiatives to sustain growth and shareholder value.
