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COSCO suspended after loss of 9.56b yuan
Published on: 2013-03-29
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altShares in China COSCO Holdings Co, the Shanghai-listed arm of the largest State-owned shipping conglomerate China Ocean Shipping (Group) Company, were suspended on Thursday after it reported one of the market's biggest losses for 2012.
The company's sales rose 4.6 percent from a year earlier to 72.06 billion yuan ($11.6 billion) in 2012, but annual net losses hit 9.56 billion yuan for the year, following on from a loss of 10.5 billion yuan the year before, it said in a filing with the Shanghai Stock Exchange.
The two consecutive years of losses have now put the company on a "special treatment" list, which limits daily trading movements to 5 percent, compared with the standard 10 percent. Three years of losses could result in it being removed from the exchange.
Profits in its container shipping business surged by 107 percent year-on-year to 244 million yuan last year, compared with the previous year's loss of 3.7 billion yuan.
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