Cosco Q1 turnover fell 27% to $722.3 million
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. ■