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Coscol posts profit in first nine months

Coscol posts profit in first nine months
Cosco Shipping Limited (Coscol) has posted a profit for the first nine months ended 30 September 2015, aided by a strong set of first half results.

From January to September, the heavy lift arm of China’s Cosco Group recorded a profit of RMB366.08m ($57.67m), a surge of 90.9% compared to the gain of RMB191.78m in the same period of last year.

However, the nine-month profit was a decrease from the first half profit of RMB391.8m, pointing to a disappointing third quarter earnings.

The brief set of financial results released by Shanghai-listed Coscol did not reveal figures for the third quarter of this year.

Revenue in the first nine months dipped by 2.2% year-on-year to RMB5.35bn.