Cosco hit by turbulent quarter

Singapore

ADVERSE market conditions have dealt a severe blow to Cosco Corporation (Singapore) as it emerged from the third quarter with a net loss attributable to equity-holders of S$82.1 million compared with a net profit of S$7.1 million a year ago.

Including non-controlling interests, net loss was S$151.9 million, against a net profit of S$7.5 million for the previous corresponding perio.

Citing a drop in shipyard and shipping revenue, Cosco posted an 18 per cent fall in group turnover to S$949.6 million. Margins too were depressed as its shipyard operations incurred higher costs for a few delayed projects as well writedowns of certain inventory. The result was a gross loss of S$10.7 million for the three…