Woes continue for Cosco

Hong Kong: China Cosco Holdings fell to a nine- month low in Hong Kong after saying preliminary first-half loss widened more than 50 percent as a ship glut weakened rates.

The fleet operator fell by as much as 4.3 percent to HK$3.15 before trading at HK$3.17 as of the noon trading break, the lowest since October 10.

Losses will widen by half from the 2.8 billion yuan ($439 million) deficit for the six months ended June 30, 2011, according to the preliminary earnings report.   [30/07/12]

Related Posts