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CHINA COSCO REPORTS NET LOSS OF US$429 IN Q1

2012-05-02     pageview 717


China COSCO Holdings Co, flagship of the country′s biggest shipping conglomerate, made a net loss in the first quarter of 2.7 billion yuan ($429 million) as a continued supply glut in its bulk carrier business pushed freight rates to loss-making levels, Global Times reported.

The company has also been hit by rising fuel costs and slowing growth in international trade.

Its first-quarter results compared with a net loss of 503.3 million yuan in the first quarter of last year, the company said Thursday, according to the newspaper.

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