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Q3 profit falls for Cosco Corp

Q3 profit falls for Cosco Corp
Singapore: Cosco Corp reported a 17% fall in third quarter profit to S$26.6m in what the company described a “difficult business environment”.

The Singapore-listed, Chinese shipyard operator also reported a 3% fall in revenues year-on-year, which it blamed on declines in shipyard and dry bulk revenues.

“Our group expects business and operating conditions for the rest of 2012 to remain difficult amidst global economic uncertainties. To build sustainable growth in offshore and marine engineering operations, we will continue to focus on core technical competence and expertise to reach out to a wider customer base,” said Wu Zi Heng, vice chairman and president of Cosco Corp.

TAGS: shipbuilding
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