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Cosco Corp posts S$4.76m loss in Q2

CHINESE shipbuilder Cosco Corp (Singapore) sank into the red in the second quarter of this year, blaming "unfavourable market conditions" in a Singapore Exchange filing on Friday.

It racked up a net loss of S$4.76 million for the three months ended June 30, against a net profit of S$14.3 million in Q2 2014.

This came on the back of a 26 per cent year-on-year plunge in revenue to S$853.53 million for the quarter.

Cosco said in its statement the crude oil slump has hurt the global marine industry, the dry-bulk shipping market has been soft and a shipbuilding slump has negatively affected its shipyards.

The group made a loss per share of 0.21 Singapore cents in Q2 2105, compared to earnings per share of 0.64 Singapore cent in the preceding year.

Net asset value stood at S$0.6137 as at June 30, up from S$61.08 as at Dec 31, 2014.

The counter closed flat at S$0.39 on Friday.