COSCO Shipping Energy Transportation (HKEX: 01138; SSE: 600026) has shrugged off U.S. sanctions on subsidiary companies to report a huge jump in revenues and a massive surge in profits.
COSCO Shipping Energy Transportation (CSET) reported about 10.53 billion yuan ($1.47 billion) of revenues and a net profit after tax of 795.37 million yuan ($111.26 million) for the nine months ending September 30, 2019. That profit figure is a very substantial turnaround for CSET as, by the end of September 2018, it reported a net loss of 104.53 million yuan (minus $14.62 million). That’s a swing-around of about 899.90 million yuan ($125.88 million).
As the name suggests, COSCO Shipping Energy Transportation is part of the famous COSCO Shipping group of companies. CSET reports two sets of numbers – nine months from January through September and also the three months ending September (i.e. third quarter numbers).
Revenue and income in the first nine months…
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