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Profits dive at China's merger-ready CSCL

Earnings declined almost 100 percent in the first half of the year for China Shipping Container Lines, which looks on track for a merger with China Cosco.

Photo: Seanews.com

Earnings at China's second-largest container carrier, China Shipping Container Lines (CSCL) - which currently looks like a clear candidate for a merger with similarly state-controlled China Cosco - took a big dive in the first half of the year. The carrier delivered a modest profit of 10.6 million yuan, around USD 1.7 million, corresponding to a 97.5 percent decline from the same period last year.

The Hong Kong-based carrier's revenue dropped 8.1 percent, while the combined cargo volumes increased by one percent, according to the company's second quarter interim report, published Friday.

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