Cosco Q3 profit slides 84% to $4.2m

COSCO Corporation (Singapore) posted an 84 per cent decline to $4.2 million in its third-quarter net profit attributable to shareholders. This resulted from lower contributions from its dry bulk shipping and shipyard operations.

The group, which owns 51 per cent of the largest shipyard group in China, Cosco Shipyard Group, said yesterday that its turnover for the three months ended Sept 30 rose 6 per cent year-on-year to $989.4 million from $937 million owing to increases in shipyard revenue.

Earnings per share for the quarter were 0.19 cents, down from 1.19 cents a year ago.