China COSCO suffers RMB 690-mln loss in Q3

Nov. 3, 2009 (China Knowledge) - China COSCO Holdings Co Ltd<601919><1919> on Oct. 30 announced that its losses amounted to RMB 690 million in the third quarter of this year, bringing total losses for the first three quarters of this year to RMB 5.31 billion, sources reported.

Ming Dong, general manager of Investor Relations for China COSCO, said that the firm will make earnings if the profit for the fourth quarter exceeds RMB 5.3 billion, but added that it will be hard to meet the goal in the current market.

China COSCO's loss per share was RMB 0.07 in the third quarter and RMB 0.52 in the first three quarters.

As of Sep. 30, the ocean shipping enterprise had RMB 135.4 billion in total assets, whereas it had RMB 116.78 billion at the end of last year. Net asset value per share was RMB 4.38.

In the period from January to September, the company's freight volume was 3.78 million twenty-foot equivalent units, down 16.7% year on year. Its revenue slid 49.6% year on year.