Cosco Corp's Q3 loss widens on shipping industry woes

TROUBLES plaguing the marine and shipping industry have hurt the performance of Cosco Corporation (Singapore) in its fiscal third quarter.

The shipbuilder reported a 30 per cent drop in sales to S$662.3 million for the three months ended Sept 30, 2016, from S$950 million the year before.

Its net loss attributable to shareholders widened a further 25 per cent to S$102.3 million, from a net loss of S$82.1 million the year before.

Its loss per share was 4.57 Singapore cents, up from 3.67 Singapore cents in the year-ago period.

Cosco Corp's shares were down 0.5 cents at 26.5 Singapore cents at the close of trade on Friday.