Coscos profit up

Cosco has reported a 26% jump in its third quarter on strong contributions from its ship repair and marine engineering business. For the three months to September, it booked earnings of $46 million. The figures include a one-time exceptional gain from the sale of three bulk carriers. Income for the nine months was up 32% to over $102 million.

Looking ahead, Cosco is confident the full year results will be substantially higher than that of last year’s. New facilities and significant capacity increases next year will allow it to further penetrate the niche markets of high value offshore marine engineering work.