China COSCO, operator of the world's largest bulk cargo fleet and a major global container shipper, remained in the red for a third consecutive quarter in July-September, having reported a 2.25 billion yuan loss for the second quarter.
The result was slightly better than a UBS forecast for a loss of 2.25 billion yuan but worse than a 1-1.5 billion yuan loss estimated by ICBC.
The company recorded a net profit of 2.11 billion yuan for the same period last year, it said in a statement to the Shanghai stock exchange.
The company is expected to record a net loss attributable to shareholders for the year, due to the declining international dry bulk shipping market, it said in a separate statement.
The global shipping industry, which tends to mirror economic trends, has been hit by a new slowdown in global growth, after rebounding last year from billions of dollars in losses in 2009.
China COSCO's Hong Kong-listed stock has lost nearly half of its value this year, underperforming a 14.5 percent fall by the Hang Seng Index . The shares closed up 3.75 percent on Thursday ahead of the results. (Reuters)
