COSCO Expects to be profitable for 2013

COSCO is the first (well, in recent history) shipping company established in China.  They were established in 1961.  Click here for their web-site and history.

Before all the changes in China, I doubt if anyone knew if Cosco made a profit or a loss.  Their costs were so cheap, and they existed for the country to obtain foreign money, and as a way to get products to and from their country.

My how times have changed.  Even though China is still a "communist" country, the almighty profit and loss has certainly come into being.

This from the Journal of Commerce

The chairman of Cosco Group expressed confidence on Wednesday that the company would achieve its financial goals for 2013, signaling the company is aiming to achieve a full-year profit and avoid delisting from the Shanghai Stock Exchange.
“We are confident that we will achieve the goal we planned at the beginning of the year,” Ma Zehua told the JOC at the opening of the annual Cosco-hosted World Shipping (China) Summit in Ningbo.
As Cosco had reported losses in 2011 and 2012 due to weakness in shipping markets, a full year-loss would have resulted in automatic delisting from the Shanghai exchange. That would have been a huge comedown for a prominent state-owned enterprise and one that has helped spearhead China’s entry into foreign markets since its founding in 1961.
China Cosco Holdings has sold several assets this year to  its state-run parent China Ocean Shipping (Group) Co., or Cosco Group, in a bid to avoid full-year losses. China Cosco Holdings, the container line’s parent company, cut its first half loss to $162 million from $796 million in the first half of 2012 through asset sales.
In March, it sold its logistics business to Cosco Group for $1.1 billion. In May, the company's listed port operating unit, Cosco Pacific Ltd., sold its stake in a container manufacturer to Cosco Group for $1.22 billion. In August, it sold holdings in two office properties, one in Shanghai and another in Qingdao, to the parent company for US$609 million. It also sold stakes in Cosco Plaza in Shanghai and Sunshine Plaza in Qingdao.
Ma took over the chairman role at Cosco Group in July following the retirement of Capt. Wei Jiafu.
The World Shipping (China) Summit is officially co-organized by Cosco, Drewry, JOC Group and Maritime China magazine.