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China COSCO's H1 net loss enlarges to RMB 4.87 bln

Aug. 31, 2012 (China Knowledge) - China COSCO Holdings Co Ltd<601919><1919>, the largest shipping company in the country, reported RMB 4.87 billion in net loss attributable to shareholders in the first half of this year, compared with a net loss of RMB 2.76 billion from a year earlier.

According to a statement filed with Hong Kong Stock Exchange, revenue for the six months period rose 1.3% from a year earlier to RMB 42.56 billion. Basic loss per share was RMB 0.48.

From January to June, the company's container shipping and related business generated RMB 23.12 billion in revenue, up 14.1% YoY, while that from its dry bulk shipping business dropped 32% from a year earlier to RMB 8.26 billion.

The Chinese shipping giant expects that it will suffer a net loss in the first three quarter of this year due to a slowdown in the global shipping industry and higher oil price.

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