Cosco Shipping International Singapore (CSI) has reported higher profits despite a dip in revenue in financial 2023.

For the year to 31 December 2023, it said turnover fell 4% to SGD 178.7m ($132.8m) from SGD 185.6m in the previous year.

It said it experienced a fall in revenue across its logistics, property management, ship repair and marine engineering segments.

Net profit for the year was SGD 1.9m, compared with an SGD 88m loss in the previous year.

Explaining the dramatic turnaround, it said the 2022 results included a non-cash impairment of goodwill of SGD 99 million that arose from the acquisition of Cogent Holdings in 2018.

The impairment was not a factor in its 2023 results and it described any comparison between the 2022 and 2023 financial years as “not meaningful”.

The Singapore-listed company said it had been affected by slower economic growth and higher interest rates, which resulted in increased financing costs.

It will “continue to monitor the development of the logistics market in Singapore and South East Asia even as global economic conditions remain challenging”.

CSI is a logistics service provider that is also involved in dry bulk shipping, ship repair and marine engineering, as well as property management.