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China COSCO confident of returning to profit in 2013
“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)
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