COSL(SH:601808)2017-04-27 16:00Financial Performance - Operating revenue for the first quarter was RMB 3,057.7 million, down 9.4% year-on-year[5] - Net profit attributable to shareholders was RMB -544.8 million, an improvement of 41.2% compared to RMB -926.6 million in the same period last year[5] - Operating profit improved to RMB -518.1 million, a reduction in loss of RMB 385.4 million year-on-year, driven by decreased operating costs[20] - The net loss for Q1 2017 was CNY 533,197,470, compared to a net loss of CNY 922,714,308 in Q1 2016, representing a 42.3% improvement[45] - Basic earnings per share improved by 41.2% to RMB -0.11 from RMB -0.19 in the previous year[5] - The basic earnings per share for Q1 2017 was CNY -0.11, an improvement from CNY -0.19 in the previous year[45] Cash Flow - Cash flow from operating activities was RMB 196.4 million, a significant decrease of 78.3% compared to RMB 905.5 million in the previous year[5] - The net cash inflow from operating activities for the three months ended March 31, 2017, was RMB 196.4 million, a decrease of 78.3% year-on-year[30] - Operating cash inflow for Q1 2017 was CNY 4,561,546,379, a decrease from CNY 5,952,689,137 in the previous year, reflecting a decline of approximately 23.3%[49] - Net cash flow from operating activities was CNY 196,438,802, down from CNY 905,450,707, indicating a significant decrease of about 78.3%[49] - Cash flow from financing activities generated CNY 1,254,860,823, contrasting with a negative cash flow of CNY 583,662,288 in the previous year, indicating a turnaround[49] Assets and Liabilities - Total assets at the end of the reporting period were RMB 79,502.9 million, a decrease of 1.3% compared to the end of the previous year[5] - The total assets as of March 31, 2017, amounted to RMB 79.50 billion, compared to RMB 80.54 billion at the beginning of the year[38] - The total liabilities as of March 31, 2017, were RMB 44.74 billion, down from RMB 45.25 billion at the beginning of the year[39] - Current liabilities decreased to CNY 13,728,521,889 from CNY 15,063,547,673, a reduction of 8.8%[41] Operational Metrics - The number of operating days for drilling services decreased by 6.8% to 1,905 days compared to 2,043 days in the previous year[13] - The utilization rate of self-elevating drilling platforms decreased by 11.0% to 1,585 days, while semi-submersible drilling platforms increased by 22.1% to 320 days[13] - The company's drilling platform operations totaled 1,905 days, a decrease of 138 days or 6.8% year-on-year[15] - The self-elevating drilling platform operations accounted for 1,585 days, down 196 days, primarily due to contract transitions and some platforms being returned[15] - The semi-submersible drilling platform operations increased to 320 days, up 58 days, due to a reduction in standby and repair days[15] - The company's vessel service operations totaled 6,432 days, an increase of 907 days, with a calendar day utilization rate rising by 7.1 percentage points to 81.2%[15] Investment and Income - Investment income rose to RMB 53.7 million, an increase of RMB 32.1 million or 148.6% compared to the same period last year[19] - The three-dimensional data acquisition business saw a significant increase of 5,420 square kilometers year-on-year, attributed to operational activities in the international market[16] - The company received government subsidies totaling CNY 2,664,400, a significant increase from CNY 290,000 in the previous year[50] - Cash inflow from investment activities included CNY 3,200,000,000 from recovering investments, up from CNY 1,200,000,000, marking a 166.7% increase[51] Challenges and Future Outlook - The company continues to face challenges in the oilfield services industry despite a slight recovery in international oil prices[12] - The company is focused on cost control and market expansion to maintain and develop its business lines[12] - The company expects a certain increase in mid-year profits compared to the same period last year due to seasonal business characteristics and adjustments in service prices[36] - The company is involved in ongoing litigation against Statoil regarding contract termination and compensation claims[34]