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China COSCO faces huge losses in 2011

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China COSCO Holdings Company Limited (China COSCO) announced its 2011 financial report.

The company’s 2011 income was at RMB68.9 billion, decreasing by 14.5 % from a year earlier. Its parent net profit was minus RMB104.5 billion, slumping by 254.4% from the previous year.

The company stated that the unbalanced shipping market, weak shipping demands and surged oil prices were the major reasons to cause the loss in 2011.
News Date 05 Apr 2012 14:43:54 reported by Ruth Wang

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