Cosco Corporation (Singapore) posts 56% fall in Q2 net profit to $12 million
COSCO Corp (Singapore) has posted a 56 per cent drop in second quarter net profit to $12 million.
Turnover for the three months to June 30 fell by 9 per cent to $890.3 million, due to the decline in dry bulk shipping and shipyard revenue.
Turnover from shipyard operations fell to $877.2 million from $960.8 million in the same period last year, mainly due to lower revenue contribution from ship building and ship repair segments.
The decline more than offset the growth in revenue from marine engineering segment.