China Cosco exits first quarter with major deficit

The container business of newly merged Chinese shipping group Cosco/China Shipping suffered a major loss in the first three months of the year, particularly attributed to the sale of dry bulk activities as part of the large-scale merger.

Photo: PR-foto

Chinese container carrier China Cosco Holdings Co, part of newly merged shipping conglomerate Cosco China Shipping, finished the first quarter of the year with a significant deficit.

CCSC, which consists of the merged container activities from the former China Cosco and China Shipping Container Lines (CSCL), suffered a net deficit of 4.48 billion yuan, around USD 691 million, compared to a deficit of around one billion yuan in the same period 2015, according to an interim report from parent company China Cosco Holdings CO (CCHC), published Friday.

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