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Coscol posts sharp fall in first half profit

Coscol posts sharp fall in first half profit
Cosco Shipping Company Limited (Coscol) has reported a sharp plunge in profit for the six months ended 30 June 2016 compared to the year-ago period.

Shanghai-listed Coscol registered a profit of RMB4.41m ($659,950) in the first half, down a significant 98.9% from the gain of RMB391.81m in the same period of 2015.

Revenue for the six-month period also dipped by 21.8% year-on-year to RMB2.84bn.

Coscol, a specialist heavy lift owner and operator, blamed the dive in earnings to weak market rates and a yet-to-receive government subsidy of RMB95.86m under the scrap-and-build policy.