Cosco Shipping Development Co.’s net profit for the first half fell 11% from a year earlier as the shipping market was disrupted by the pandemic, supply-chain problems and geopolitics.
The Chinese shipping company’s net profit for the first half fell to around 2.70 billion yuan ($390.6 million) compared with around CNY3.04 billion a year earlier.
Revenue fell 12% to CNY13.11 billion.
The company’s board chose to not recommend any interim dividend, according to a filing late Tuesday.
However, it remains optimistic about the global shipping industry, saying that it is “still at a historical high level” despite economic and political uncertainties.
“Despite many uncertainties in the external environment, the fundamentals of China’s long-term economic development remain sound and unchanged and steady growth is still the main focus of the domestic economic development in the second half of 2022,” it said.
