Cosco Shipping Specialised Carriers Posts 73% Plunge in 2016 Profit
Shanghai-listed Cosco Shipping Specialised Carriers has posted a sharp fall in net profit for 2016 compared to the previous financial year due to the sluggish shipping market.
According to MANA, Profit for the financial year ended 30 December 2016 was recorded at RMB39.08m ($5.7m) for the Chinese shipowner, a plunge of 73.2% from the gain of RMB145.58m in 2015.
Revenue for the year was registered at RMB5.88bn, down 14% year-on-year due mainly to lower shipping demand, the company announced.
Cosco Shipping Specialised Carriers formally adopted the new name in December 2016, dropping its old name Cosco Shipping Company Limited (Coscol), in line with an organisational reform of its parent firm China Cosco Shipping Corporation Limited (Cosco Shipping).