Cosco in Red

Chinese shipbuilder Cosco Corporation (Singapore) has suffered a net loss of S$ 36.8 million (US$ 27.4 million) in the second quarter of 2016.

News ID: 68005

Date: 06 August 2016 - 15:28

According to MANA, The net loss for the same quarter a year earlier stood at S$ 4.7 million. The widened quarterly loss was attributed to losses in the company’s shipyard and shipping operations.

A report in the Strait Times say that the sluggish marine engineering and shipping markets continued to weigh on revenue, which slid 11 per cent for the three months ended June 30 to S$762.9 million.