Cosco profit plunges 91% in Q3

Shanghai-listed Cosco Shipping Company Limited (Coscol) has been hit by a sharp plunge in profit for the third quarter compared to the year-ago period.

The specialist heavy lift owner and operator reported a profit of RMB3.32m ($492,580) for the quarter ended 30 September 2016, down 90.9% from RMB36.61million in the same period of 2015.

Third quarter revenue went down by 19.4% year-on-year to RMB431.51million.

Coscol attributed the poor set of results to the continued slump in the international shipping market on the back of slow growth of the global economy.

 



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