Cosco Singapore Q3 results to worsen on order cancellations, delivery delays, costs
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SHIPBUILDER Cosco Corporation (Singapore) warned shareholders to expect a worse set of results for its third quarter ended Sept 30, 2016, compared to the net loss of S$82 million a year ago.
"The expected higher net loss is mainly attributable to cancellations of several orders as well as several offshore projects having experienced delivery extensions resulting in lower revenue recognition, higher construction costs and increases in provisions," Cosco said.
The company's Q3 results are scheduled to be released on Nov 11.
Cosco last traded unchanged at S$0.265.
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