Financial Markets
Real Estate
Local listed Company
Overseas-listed Company
Foreign Company
Industrial Parks

Company - Domestic
 Search News  Or
COSCO suffered a loss of RMB 10.4 bln in 2011

Apr. 9, 2012 (China Knowledge) –China COSCO Holdings Co Ltd<601919><1919>, the largest shipping company in the country, has posted a net loss of RMB 10.4 billion attributed to shareholders last year, compared with RMB 6.76 billion in net profit attributable to shareholders in 2010.

This is the most serious loss since COSCO established in 2005.

In 2012, COSCO saw its operation revenue fell 12.3% to RMB 68.91 billion.

As of Apr. 8, 2012, nine listed shipping companies posted a combined loss of RMB 11.7 billion in 2011, including a net loss of RMB 2.74 billion by China Shipping (Group) Co<601866><2866> and a net loss of RMB 870 million in Chang Jiang Shipping Group Phoenix Co<000520>.

Zhang Shouguo, vice-president of China Shipowner's Mutual Assurance Association, said that the huge loss in shipping industry is mainly caused by overcapacity and cutthroat competition.

Overcapacity in shipping industry will not be improved in a short period of time and this year will be a tough year for shopping companies, Zhang added.

Add this     
Copyright © "2015"

Send feedback or comments to:

For more news, financial weekly reports, business guides to China, Market Research Reports and other premium information, subscribe to China Knowledge today

To access our page on Bloomberg, type CKFI (GO)

 Our Professional Services


 News Archive
About Us | CSR | Media Center | E-Newsletter | E-Store | Contact Us | Feedback | Sitemap | Privacy Policy | Terms of Use  

           Copyright © 2014 China Knowledge Online. All Rights Reserved