Sinking into a loss
By Winny Wang |
April 24, 2010, Saturday
|
Print Edition
Print Edition
CHINA Cosco Holdings Co, the world's largest operator of dry-bulk ships, lost 7.54 billion yuan (US$1.1 billion) last year because overcapacity led to a slump in rates for hauling commodities amid the global recession.
The net loss compared with a profit of 10.8 billion yuan a year earlier, and its revenue declined 51.9 percent from a year earlier to 55.73 billion yuan, the Tianjin-based company said in a statement to the Shanghai Stock Exchange yesterday.
The company's dry-bulk sales dropped 62 percent last year and container volume declined 9.6 percent.
"The falling demand and increasing capacity led to a slump in rates last year, but they began to rebound in the second half of last year after many countries implemented stimulus policies and shippers controlled their capacities," Cosco said.
The net loss compared with a profit of 10.8 billion yuan a year earlier, and its revenue declined 51.9 percent from a year earlier to 55.73 billion yuan, the Tianjin-based company said in a statement to the Shanghai Stock Exchange yesterday.
The company's dry-bulk sales dropped 62 percent last year and container volume declined 9.6 percent.
"The falling demand and increasing capacity led to a slump in rates last year, but they began to rebound in the second half of last year after many countries implemented stimulus policies and shippers controlled their capacities," Cosco said.
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