In an unaudited financial statement, the Shanghai-listed company posted first quarter net loss of RMB45.07m ($7.28m) as against a net profit of RMB3.82m in the same period of 2012.
Revenue fell 7% year-on-year to RMB17.83m in the period ended 31 March 2013.
Coscol said that due to the global shipping recession, charter rates for multipurpose vessels have slumped, leading to the set of unprofitable results.
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