Cosco Shipping International (Singapore) has made a marginal profit of $1.9 million for FY2023, an improvement from a $88.6 million loss suffered in the preceding year.
Back in FY2022, Cosco made an impairment of $99 million from its 2018 acquisition of Cogent Holdings.
Revenue in the same period dipped by 4% to $178.7 million, no thanks to a weaker showing by its core logistics business as demand from "key customers" was lower.
Cosco warns that the global economy has yet to fully emerge from the "shadows" of the pandemic and that inflation and high rates continue to impact the world economy.
Cosco says it will continue to monitor the development of the logistics market in this region and invest in its logistics chain
"The company remains committed to long-term sustainable development, making efforts to bring better returns to its shareholders," says Cosco.
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Cosco shares closed at 14 cents on Feb 29, down 0.72%.
