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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.

Lee Hong Liang, Asia Correspondent

July 11, 2016

1 Min Read
Kalyakan - stock.adobe.com

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.

About the Author

Lee Hong Liang

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

See more from Lee Hong Liang
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