THE president of Cosco Group Ma Zehua said the group is confident that it can reverse its mega loss in 2013
Under fire, Cosco chief confident of reversing loss, avoiding de-listing THE president of Cosco Group Ma Zehua said the group is confident that it can reverse its mega loss in 2013 and thus avoid de-listing under the stock exchange's "three strikes and you're out" rule, governing a third annual loss.
Mr Ma said Cosco will hold a press conference on its results in late March. As it is a listed company, Mr Ma said he could not disclose details at the moment according to regulations, but he's confident that the company will make profit this year.
Cosco issued a profit warning in late January saying that another big loss was expected after its CNY10.4 billion (US$1.67 billion) loss was recorded in 2011 and might become the biggest loss maker in the A share market for the second straight year. This means that if Cosco continues to post a loss in 2013, it will be de-listed.
On the other hand, China's Ministry of Transportation has worked out a plan for revival of the shipping industry, which is expected to be announced later this year.
