The
company
posted
first-half
net
profits
of
S$55.43
million
($44.53
million)
compared
to
S$68.95
million
during
the
same
period
last
year.
For
the
past
three
months,
net
profits
of
S$27.61
million
were
down
13%
on
the
year-ago
period’s
S$31.86
million.
Cosco
Corporation
said
falls
in
dry
bulk
shipping
charter
rates
and
ship
building
revenues
had
outweighed
rises
in
ship
repair
and
offshore
engineering
earnings.
The
past
quarter
saw
the
delivery
of
the
Sevan
Brasil
to
Norway’s
Sevan
Drilling
for
work
off
Brazil
for
Petrobras.
The
company
said
its
current
offshore
orders
included
two
Sevan…
