COSCO Corporation (Singapore), principally engaged in shipbuilding, ship repair and marine engineering, has warned investors of an expected net loss for the second quarter ending June 30, as against 2014's year-on-year profit.
Cosco Corp is scheduled to release its second quarter results on July 31. In the first quarter, the company suffered a 94 per cent year-on-year profit loss to S$766,000 (US$574,700).
The profit warning came on the eve of Hari Raya Haji, the celebration that marks the end of the month-long Ramadan fasting, a public holiday in Singapore.
Singapore-listed Cosco Corp said the loss is mainly due to the low crude oil prices over recent months which has had an adverse impact on the global offshore marine industry.
The company also blamed the loss on "the languid dry bulk shipping market which has brought great pressures to the company's dry bulk fleet operations and the slump in the shipbuilding market which has negatively impacted the company's shipyards."
Cosco Corporation has one of the biggest ship repair, shipbuilding and offshore marine engineering operations in China. It also has activities in dry bulk shipping, shipping agency and other sectors; it is the SGX Mainboard-listed subsidiary of China Ocean Shipping (Group) Company ("COSCO Group"), China's largest shipping company.
WORLD SHIPPING
17 July 2015 - 20:34
Cosco Corporation warns of second quarter loss, blames low fuel prices
COSCO Corporation (Singapore), principally engaged in shipbuilding, ship repair and marine engineering, has warned investors of an expected net loss for the second quarter ending June 30, as against 2014's year-on-year profit.
WORLD SHIPPING
17 July 2015 - 20:34
Cosco Corporation warns of second quarter loss, blames low fuel prices
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