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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.


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