Hot stock: Cosco down after earnings guidance

SHARES in Cosco Corporation slid to S$0.55 in trading on Monday morning as at 10.45am, following an earnings guidance on Friday. The counter ended trading previously at S$0.60. It opened on Monday morning at S$0.55.

It had, on Friday, issued an earnings guidance that its consolidated financial results ended December will show "significantly lower earnings" compared to the previous year.

This is mainly due to the steep fall in crude oil prices over recent months which has had an adverse impact on the global offshore marine industry, and the one-off charge of the Octabuoy hull and topside module project, said the company.

Cosco's results are scheduled to be released on Feb 16.