COSCO expects US$1.4bn loss
Chinese shipping giant COSCO Shipping Holdings expects to report an RMB9.9bn (US$1.44bn) net loss in 2016 amid slow growth in global container shipping demand and oversupply of shipping capacity.
According to a profit warning to the Hong Kong Stock Exchange, due to weak market conditions, the group’s container shipping segment’s growth was lower than the growth of the container shipping volume, and the rise in revenue was lower than the increase in costs.
The estimated net loss compares to an RMB283m (US$41m) net profit for the year ended December 31, 2015.
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