China's Cosco takes big dive in third quarter

Chinese shipping group Cosco suffered a major setback in the third quarter. Significant declines across the board are attributed to weak markets and the low oil price, notes management.

Cosco booked big losses for the company's shipbuilding activities and shipping business in the third quarter 2015.

The Chinese shipping group suffered a combined net deficit of USD 82.1 million against a profit of USD 7.1 million in the same period 2014. Revenue slid down 18.1 percent to USD 949.6 million from USD 1.1 billion last year, according to Cosco's third quarter interim report.

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