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Cosco expects to post a first half profit loss
| 【字号 大
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小】 2011-08-15 |
A warning has been issued by China Cosco Holdings that it expects to post a first half profit loss when it announces results on August 26, attributing the decline to rising fuel costs and low rates.
In a statement to the Hong Kong stock exchange, Cosco said the expected loss resulted from "prolonged high fuel prices under the declining international freight market", reported Newark's Journal of Commerce, adding that the company reported a US$540 million profit in the corresponding quarter last year.
Fuel costs increased 28 per cent in 2011, according to Bloomberg. NYK Line and MOL issued profit warnings in July before reporting results earlier this month. They also blamed high fuel and low rates.
Source: transportweekly
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