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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
US: Stocks closes up another weekly gain ahead of inflation data
Europe: Stocks close at record high on earnings, rate cut optimism
Oil falls on prospect of higher-for-longer US rates, stronger dollar
Frasers Property H1 profit slides 81% on property value losses, lower residential contributions
US bill to restrict WuXi AppTec, Chinese biotechs revised to give more time to cut ties
Barclays cuts jobs in energy transition team it only just built