COSCO Shipping warns on 99.5% interim profit drop

Shanghai: Shanghai-listed COSCO Shipping, the vessel service provision arm of China Ocean Shipping (Group) Co, said on Thursday that profit attributable to shareholders for the first half will drop 99.5% from a year earlier to about RMB700,000 ($109,000).

Other listed firms are feeling the pinch too.

Shanghai-listed China Shipping Haisheng, a bulk carrier subsidiary of China Shipping Group, also gave investors an early warning of a first-half loss this week, without disclosing specific figures.  [13/07/12]

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