China COSCO confident of returning to profit in 2013

By: | at 12:54 PM | Maritime  

‚Äč“In the second half, the performance of the dry bulk shipping industry will be better than the first half due to a narrowing gap between supply and demand,” COSCO’s chairman, Ma Zehua, said during a media teleconference on Friday, a day after it reported a first-half net loss of 990 million yuan ($162 million).

He also said the company would control operational costs to improve its financial situation.

The company, controlled by state-owned China Ocean Shipping (Group) Company, has posted losses for two consecutive years, and posting a loss for a third year - ending Dec. 31 - would trigger delisting from the Shanghai stock exchange. (Reuters)


Be the first to comment on this article!

To avoid Spammers, we ask that you log in using your account. Free accounts have access to commenting.

Did you forget your password?

It happens...