POST Online Media Lite Edition


Cosco Q1 turnover fell 27% to $722.3 million

Staff writer |
Cosco Corporation Q1 group turnover fell 27% to $722.3 million on decreases in shipyard and dry bulk shipping revenues.

Turnover from shipyard operations dropped 27% to $716.6m due to lower revenue contributions from marine engineering and ship building business.

Turnover from dry bulk shipping and other businesses fell 45% to $5.7m on lower charter rates.

Gross profit increased 22% to $89.3m on higher profit contributions from shipyard operations.

The group recorded net loss attributable to equity holders of $14.4m mainly due to losses in shipping operations as operating conditions continued to deteriorate.

The group expects challenging business and operating conditions to persist in 2016.

What to read next

China Cosco recorded net loss thanks to lackluster freight rates
Bonduelle Group growing fast
Bonduelle Group over one billion euros for the first time