Cosco Corp's full-year net tumbles 71%

COSCO Corp's net profit for the full year ended Dec 31, 2013, slid 71 per cent to $30.6 million from $105.7 million.

This came on the back of a 6 per cent decline in revenue to $3.51 billion and a 34 per cent fall in gross profit to $321.2 million.

The fall in turnover was largely due to lower shipyard revenue, said the mainboard listed group which deals in offshore marine engineering, shipbuilding, ship repair and conversion, and dry bulk shipping.