Subsidiaries of restructured Chinese conglomerate CoscoCS have issued mixed profit forecasts for 2016.
Cosco Shipping Energy Transportation (CSET) said it expects its net profit for last year to improve by 76%, up from CNY 1.19bn ($172.9m) in 2015.
It explained returns from asset sales that took place as part of the company’s huge restructuring will boost its result.
CSET is the new name for China Shipping Development Co (CSDC).
Cosco Shipping Holdings (CSH) revealed it expects a net loss of around CNY 9.9bn in 2016.
It cited rising costs and losses from asset write-offs as the main reasons for its upcoming red ink.
As TradeWinds reported on Monday, CSH banked CNY 212m from selling eight boxships for scrap.
Another subsidiary, Cosco Shipping Development, is projecting a net loss of at least CNY 150m for 2016.
CoscoCS has positioned itself for further growth after pumping an extra CNY 600m to a wholly-owned finance company last week.
