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Coscol sees strong Q3 but loss in first nine monthsCoscol sees strong Q3 but loss in first nine months
Cosco Shipping Co Ltd (Coscol) is expecting a marked improvement in third quarter earnings, but it will still stay in the red for the first nine months of financial year 2013.
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Kalyakan - stock.adobe.com
The shipping arm of state-owned Cosco Group has told investors of an expected third quarter profit of RMB35.23m ($5.76m), a jump of 235.3% year-on-year. The stronger numbers are due largely to unspecified non-operating gains.
Third quarter revenue for the Shanghai-listed company is projected at RMB2.02bn, up 2.4% over the corresponding period of 2012.
From January to September 2013, however, Coscol revealed that it will stay in the red with a loss of RMB42.79m compared to a profit of RMB29.2m in the same period a year ago.
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