China's largest state-owned shipping conglomerate posted a net loss of RMB1.04bn ($170.63m) in the third quarter, sinking further from a loss of RMB1.53bn in the same period a year ago.
Revenue was recorded at RMB15.88bn, down 16.7% compared to RMB19.06bn a year earlier.
The shipping giant will accumulate three consecutive years of losses if it fails to return to profit in the 2013 financial year, meaning that it will face a delisting under the listing regulation.
In the first nine months of this year, China Cosco remained in the red on deficit of RMB2.03bn. Despite the losses, the figures are a significant improvement from the nine-month loss of RMB6.4bn in the same period of last year.
China Cosco has sold stakes in Cosco Logistics and Cosco Container Industries to offset its losses, and cut back on the size of its dry bulk vessel charters and expenses. It also sold three commercial properties to its parent Cosco Group to raise RMB3.67bn.
Meanwhile, China Cosco's container shipping business shipped 2.31m teu of boxes in the third quarter, an increase of 7.8% year-on-year. Its dry bulk arm carried capacity of 50.81m tonnes, representing a decrease of 9.5% over the corresponding period of last year.
As at 30 September 2013, the group operated a fleet comprising of 178 containerships and 318 dry bulk carriers.
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