COSCO warns of first-half loss
Print Edition
China COSCO Holdings Co, China’s largest shipping company, said asset sales failed to revive its fortunes in the first half of this year as the global shipping market remained weak amid overcapacity.
First-half loss may be 70 percent to 85 percent smaller than in the same period a year earlier, when COSCO posted a loss of 4.87 billion yuan (US$794 million), the company said in earnings warning yesterday.
Its shares tumbled 4.48 percent in Hong Kong yesterday. In Shanghai, they were down 0.37 percent.
The shipping giant, which has posted losses for two consecutive years, would face delisting from the Shanghai Stock Exchange if it cannot make a full-year turnaround in 2013. It was the top money loser on the mainland stock markets in 2012 and 2011.
In a bid to return to the black, COSCO has turned to asset disposal. In March the company unveiled plans to sell its logistics unit to raise cash.
“By selling equity interests in COSCO Logistics Co and COSCO Container Industries Ltd as well as reducing the size of dry bulk vessel charters and expenses, the company has reduced the net loss significantly compared to the same period last year,” COSCO said in the statement yesterday.
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