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Cosco Shipping Holdings Expected to Turn Profitable with Over 6 Billion Yuan Profit Last Year
COSCO Shipping Holdings (03377) announced that for the full year ending last year, attributable net profit to shareholders was approximately 6 billion to 7.5 billion yuan (RMB). In the same period of 2024, a loss of about 18.624 billion yuan was recorded.
The company stated that the expected turnaround to profit was mainly due to non-cash gains from significant progress in offshore and domestic debt restructuring.
The group mentioned that excluding the one-time debt restructuring gains mentioned above, it expects to record an attributable loss to shareholders. This is mainly due to the ongoing adjustment of China’s overall real estate market in recent years, leading to a decline in revenue and gross profit margin, increased impairment provisions for property projects, and decreased performance of joint ventures and associates.