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

 Search News  Or
China COSCO sees loss expand to RMB 2.7 bln in Q1

Apr. 27, 2012 (China Knowledge) - China COSCO Holdings Co Ltd<601919><1919>, the largest shipping company in the country, suffered RMB 2.7 billion or US$428.2 million in net loss in the first quarter of this year, compared with a net loss of RMB 501.8 million from a year earlier.

The deepened loss was principally dragged down by slumped dry-bulk shipping business amid a slowdown in the global shipping industry, said the shipping firm.

Revenue for the three months ended Mar. 31, 2012 fell 4.6% year on year from RMB 16.45 billion to RMB 15.69 billion.

The company's dry-bulk unit, which carries commodities including coal, grain and iron ore, saw shipping volume fell 15% from a year earlier to 55.6 million metric tons. The Baltic Dry Index, which tracks rates to ship dry commodities such as grain and iron ore, hit a record low of 647 in February 2012.

The dry-bulk capacity is expected to increase by 11% this year, higher than an expected 4% rise in demand, said China COSCO, adding that it had orders 20 dry-bulk cargo vessels totaling 1.9 million deadweight tons at the end of last month.

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