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| Overall performance remains stable; Dividend payout ratio increases to 73% |
HONG KONG, Mar 22, 2016 - (ACN Newswire) - The board of directors ("the Board") of COSCO International Holdings Limited ("COSCO International" or the "Company", stock code: 00517.HK) is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31st December 2015.
In 2015, growth in global trade continued to slow down, characterised by falling commodity demand and prices worldwide as well as weak demand in emerging markets. As shipping markets were beset by market contraction and insufficient demand, ship owners focused more on economies of scale and low-cost operations. Confronted with a prolonged industry depression, the Group has remained committed to pursuing organic growth of existing business by improving marketing services and strengthening lean management, as well as actively constructing the shipping services industrial cluster with innovative services and products. While helping ship owners reduce operating costs, the Group's overall results managed to remain stable.
During the year, the profit attributable to equity holders of the Company was down by 6% YOY to HK$336 million. Basic earnings per share were 21.91 HK cents, representing a 8% decrease YOY. The Board proposed a final dividend of 9 HK cents per share. Together with the interim dividend of 7 HK cents per share, the dividends for the whole year are 16 HK cents per share, an increase of 23% YOY. The dividend payout ratio further increased to 73% (2014: 55%). COSCO International's net cash inflow from operating activities reached HK$421 million during the year, fully demonstrating the stability and health of the Group's operations.
As at the end of 2015, COSCO International had a net cash position of HK$6.2 billion, or HK$4.06 per share, providing strong capital support for major acquisition and expansion of existing business in the future.
The global economy is in a state of deep readjustment in 2016 with a weak recovery momentum. Growth in global trade is expected to remain sluggish and the international shipping market will continue to be beset by excess capacity. As a result, cost control measures by ship owners will continue to dominate, bringing great operating pressure to shipping service business. However, COSCO International will also see a wealth of new opportunities arising from the supply-side structural reform, "One Belt, One Road", and the establishment of China COSCO Shipping Corporation Limited. Aiming at creating greater returns for our shareholders, the Company will fully capitalise on its economies of scale and improved bargaining power to accelerate the construction of the shipping services industrial cluster, transforming from serving certain companies to serving the entire sector.
Contact:
Investor Relations Department of COSCO International
Zheng Xiaofeng, General Manager
Tel: (852) 2809 7810
Fax: (852) 8169 0678
Email: zhengxf@coscointl.com
Candy Cheung, Deputy General Manager
Tel: (852) 2809 7706
Fax: (852) 8169 0678
Email: cheungky@coscointl.com
Crystal Lu, IR Manager
Tel: (852) 2809 7820
Fax: (852) 8169 0678
Email: lul@coscointl.com
Golin
Jackie Cheung / Annie Leung / Max Lau
Tel: (852) 2501 7901/ 2501 7918/ 2501 7905
Email: jcheung@golin.com / aleung@golin.com / mlau@golin.com
Topic: Press release summary
Source: COSCO International Holdings Ltd
Sectors: Daily Finance, Logistics & Supply Chain, Daily News
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