Cosco Corp sinks into the red in Q2

Singapore

COSCO Corp (Singapore) has admitted that it is struggling to make higher-value products and continued to flag thinner profit margins ahead for its shipbuilding contracts as it sank unceremoniously into the red for the second quarter.

The group racked up a net loss of S$4.76 million for the three months ended June 30, compared with a net profit of S$14.3 million in Q2 2014, it said on Friday.