Cosco books new losses on shipyards and bulk

China's Cosco Corporation, which has yard and shipping activities listed on the Singapore stock exchange, lost revenue in the second quarter on shipbuilding activities and its ownership of bulk vessels. 

Photo: PR-foto

Cosco's Singapore-listed yards and shipping group Cosco Corporation lost nearly 11 percent of its revenue in the second quarter this year, dropping to just under USD 763 million, while the company booked a deficit of close to USD 37 million for the three month period.

In the second quarter, the group delivered five vessels, among them two tank vessels, but a smaller revenue in the other yard and marine businesses and especially a sliding revenue of just under 18 percent from the group's activities in bulk drew Cosco Corporation's result significantly down, according to the second-quarterly report.

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