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Cosco bought Cogent a couple of years ago.
Does anyone know the reason or rationale for the impairment of the goodwill to be calculated for FY 2022? Why not amortize it over a number of years?
Does anyone know the reason or rationale for the impairment of the goodwill to be calculated for FY 2022? Why not amortize it over a number of years?
Joelton ( Date: 02-Mar-2023 10:12) Posted:
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Cosco books $99 million impairment for FY2022
Cosco Shipping International (Singapore) has reported a loss of $88.6 million for FY2022, as it booked an impairment charge of $99 million.
Specifically, the impairment was on the goodwill from its acquisition of logistics company Cogent Holdings.
Cosco explains that the decision to make the impairment came about following higher inflation and interest rates and economic uncertainty.
In the previous FY2021, the company reported earnings of $30.1 million. Revenue between FY2021 and FY2022 dipped 6% to $185.6 million.
Cosco explains the dip was mainly because of the absence of shipping revenue from the sale of its 60%-held stake in a shipping subsidiary.
On the other hand, revenue from its now core logistics segment increased by 5% to $152.6 million.
Cosco says it will look for opportunities to expand its logistical networks through strategic acquisitions and investments.
Cosco Shipping expects to post net loss for FY2022 on non-cash impairment
LOGISTICS management service provider Cosco Shipping International (Singapore) : F83 -1.03% expects it will post a net loss for its financial year ended Dec 31, 2022, as well as record a significant deterioration in profit as compared to FY2021.
The FY2022 results were affected by a non-cash impairment of goodwill related to the company&rsquo s investment in Cogent Holdings, Cosco said in its profit guidance posted to the Singapore bourse on Wednesday (Feb 15).
Cosco, which acquired Cogent for S$490 million in 2018, noted that it recognised goodwill of S$99 million in the acquisition.
The company performed an annual impairment assessment on the goodwill and concluded that it required an impairment, and assessed the impairment amount to be S$99 million.
Cosco, which is controlled by Chinese state-owned enterprise China Cosco Shipping Corporation, said it will announce its full financial results not later than Mar 1, 2023.
Down because profit warning
https://links.sgx.com/1.0.0/corporate-announcements/TX13OIMT9U7XTNZA/746729_Announcement%20-%20Profit%20Guidance.pdf
depend on wat price u bought lor.
if bought @ 0.17 then cheer lor.
if bought @ 0.17 then cheer lor.
guiren ( Date: 01-Feb-2023 10:58) Posted:
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From $8 to below $0.20,, what to cheer ??
ahhuat08 ( Date: 26-Jan-2023 16:08) Posted:
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If chiong above 0.21 then hor seh liao. BB add oil
ki siaooooooooo
ahhuat08 ( Date: 26-Jan-2023 16:10) Posted:
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or majority making silently,
shiok shiok shiok
shiok shiok shiok
wow up by 16 pips
and no one mentioned abt this
this type of counter den got meat right?
lol
those making 1 or 2 pips maybe will miss this?
and no one mentioned abt this
this type of counter den got meat right?
lol
those making 1 or 2 pips maybe will miss this?
y laea
wehuattogether88 ( Date: 01-Nov-2022 16:28) Posted:
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Better to jump ship to another stock.
wah dont say never jio... time for this sunken ship to float... DBS TP was 26 cents few months back .... oversold badly. invested !
Last fri big volume. Reversal coming.
This company now mainly into logistics.
The shipping company is another company, COSCO SHIPPING Holdings Co., Ltd. (1919.HK)
The shipping company is another company, COSCO SHIPPING Holdings Co., Ltd. (1919.HK)
yau123 ( Date: 03-Aug-2022 08:33) Posted:
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Hi investors, anyone aware of cosco? Keep hang around at this level. Shipping line should be good right at this moment right?
some actions today...crossed 20MA...holding steady....less noise, ship will sail quietly for now.....
There you go again......
LongXia ( Date: 21-Jun-2022 17:01) Posted:
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china s-chip?
chinhm88 ( Date: 22-Jun-2022 00:24) Posted:
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Dropped from 35 to 19, but no negative news or announcement. The only piece of news was the last quarter announcement which was a positive news, making porfit.
Samudera rises to the sky, the same time, Cosco dropped like don`t know what.
Really strange counter.
Samudera rises to the sky, the same time, Cosco dropped like don`t know what.
Really strange counter.