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.
WORLD SHIPPING
07 March 2013 - 20:14
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
WORLD SHIPPING
07 March 2013 - 20:14
Under fire, Cosco chief confident of reversing loss, avoiding de-listing
This news 4570 hits received.
These news may also interest you