Amidst such a difficult environment, China COSCO actively took various measures to increase revenue and reduce expenditure. The Company recorded net profit attributable to equity holders of the Company of RMB 362,529,000, representing an increase in profit of RMB127,059,000 or 53.96% as compared to the corresponding period of last year. Cash flow from operating activities improved significantly. The improvement in the performance of the Company was mainly due to a significant decrease in losses incurred by its major shipping business operation. Meanwhile, the disposal of the equity of the relevant assets and receiving subsidies for decommissioning of vessels during the period also led to an increase in revenue.