Cosco sinks into the red with $14.4m loss in Q1
Blame it on lower shipyard, shipping revenue.
Cosco reported a net loss of $14.4 million in the first quarter, on back of a 27% decline in turnover to $722.3 million.
The group booked lower revenues from shipyard operations and dry bulk shipping.
Turnover from shipyard business decreased 26.9% to $716.6 million, owing to lower revenue contributions from marine engineering and
ship building, partially offset by an increase in revenue from ship repair.
Turnover from dry bulk shipping and other businesses decreased 45.2% to $5.7 million in Q1 2016 on decreased charter rates.
Amidst the low crude oil prices, weak global economy and depressed shipbuilding and offshore market, Cosco expects difficult and challenging business and operating conditions to persist in 2016.