Cosco Corp's Q3 loss widens on shipping industry woes
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Michelle Quah
Published Fri, Nov 11, 2016 · 10:28 AM
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.
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