CSSC leasing issues positive profit warning

CSSC (Hong Kong) Shipping Company, a Hong Kong-listed ship leasing firm issued a positive profit alert through the exchange on Monday.

 

Based on a preliminary review of the unaudited consolidated accounts of the Group for the year ended 31 December 2019, unaudited consolidated profit is expected to increase by 25% compare to the 2018 financial results. The company attributes the improved results the growth of the Group’s leasing business reflected by the increase in revenue from finance lease income and operating lease income due to the expansion of the Group’s vessel port folios and the increase in the interest income from loan borrowings.

 

A drop in the Group’s average finance costs during the financial year also created a positive impact on the Group’s bottom line.

 

Tax concessions for ship leasing firms operating in the territory, that will effectively halve the burden, were announced by the Hong Kong Government in 2018 and are expected to come into force this year.

 

Source:hongkongmaritimehub

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