Cosco Shipping recovers from loss with $24.77m profit in Q3
But gains only came from discontinued operations in China.
Cosco Shipping is back in the black after it recovered in Q3 from a loss of $102.34m last year to post profits of $24.77m this year.
According to a financial statement, net loss from continuing operations in dry bulk shipping and other businesses hit $4.1m on turnover of $7m.
Revenue from its continuing operations fell by 29% YoY from $9m to $7m due to a decrease in shipping revenue from a smaller fleet of bulk carriers.
Meanwhile, it gained $23.57m from discontinued operations, compared to the $249.29m loss it had last year, which relates to its shipyard business in China.