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COSCO expects lower Q1 earnings

By Ding Qingfen (China Daily)
Updated: 2009-04-15 08:02

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The company, a unit of the country's biggest shipping enterprise China Ocean Shipping (Group) Co (COSCO), predicted that net profit for the first quarter would fall by over 50 percent from 357 million yuan in the same period of last year.

The company posted its best performance ever in 2008, thanks to robust growth in the first three quarters of the year.

COSCO Shipping's net profit last year soared by 34.86 percent year-on-year, to 1.45 billion yuan, on sales of 6.9 billion yuan, up 29.59 percent on a yearly basis. Earnings per share last year was 1.11 yuan.

Although China's shipping industry posted a profit of 1.3 billion yuan last year, COSCO and other large shipping companies are already feeling the pinch...

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