Cosco still in red but two others shine
The loss of 1.53 billion yuan from July to September is better than the last time while China Shipping's divisions are in the money
Three of China's largest shipping companies posted mixed third-quarter results yesterday with China Cosco Holdings remaining in the red, while two subsidiaries of rival China Shipping staunched the red ink of earlier quarters to report net profits.
China Cosco, the listed container shipping, logistics and terminals subsidiary of China's biggest shipping outfit, recorded a 1.53 billion yuan net loss between July and September. But the result was better than the 2.07 billion net loss reported for the third quarter last year.
Conversely, the firm plunged deeper into the red with a 6.4 billion yuan net loss in the first nine months of this year which reflected poor container shipping and dry bulk markets in the first part of this year. This was despite 808.3 million yuan in government subsidies received between January and September this year, more than double the 317.8 million yuan it received last year.
By comparison, the firm saw a 4.77 billion yuan net loss in the first nine months of last year.
The firm gave few details about the performance of its various divisions, but it is possible based on the first-half results that Cosco Container Lines made a small profit in the third quarter. This came after container shipping revenue soared 26.5 per cent to 11.5 billion yuan out of total China Cosco third-quarter revenue of 19.1 billion yuan.
