Hong Kong: China COSCO Holdings announced that the group is expected to record a loss attributable to shareholders for the first six months of this year. However, the loss will be reduced by approximately 70%-85% compared to the same period last year.
For the first half of last year, the loss of the company was RMB4.87bn.
By selling the equity interests in COSCO Logistics and COSCO Container Industry, as well as reducing the size of dry bulk vessel charters and expenses, the company could reduce the net loss significantly compared to the same period of last year, the company said in an announcement.
Were China COSCO Holdings to post a third consecutive full year of losses in 2013, the dual listed flagship of China’s top maritime conglomerate could risk being struck off the Shanghai Stock Exchange. [31/07/13]
