Asia/Pacific News
Cosco Shipping Triples Loss
Cosco Shipping Co. [SHA:600428] (COSCOL), a subsidiary of COSCO Group, tripled its net loss to 78 million yuan ($12.7 million) in the first half of the year, Bloomberg reports.
The company didn't discuss reasons for the increase in its loss, but it said in April that the "doldrums" in the global shipping market might cause it to lose money.
The company's operating revenue rose 0.69 percent year on year to 3.6 billion yuan ($587 million), while it increased the tonnes of freight it carried by 8.5 percent to 1.13 million tonnes, according to the Middle East North Africa Financial Network.
The Chinese economy has grown at less than an 8 percent annual pace in the past four quarters, something that had not happened for 20 years or more, leaving many companies based in the country struggling.
COSCOL parent company China COSCO Holdings Company Limited lost money in both 2011 and 2012, but the amount of the loss fell slightly in 2012.
COSCOL is focused on the transport of oversized and super-heavy cargoes, as well as products that cannot be containerised or that have special loading and unloading requirements, according to its website.
