SINGAPORE (May 15): Cosco Shipping International (Singapore) Company, recorded earnings of S$2.8 million for 1Q18 ended March, compared with a loss of S$78.9 million in 1Q17.

Group turnover for the logistics management service provider surged about 3.5 times to S$40.6 million in 1Q18, compared with S$11.4 million in 1Q17, mainly due to turnover of S$32.1 million from newly-acquired logistics businesses, offset by a decrease in shipping revenue from a reduced fleet of three bulk carriers.

The increase in cost of sales of S$19.3 million and increase in distribution, administrative and finance expenses of S$8.1 million, were mainly due to...(click on link for full story on theedgesingapore.com)