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Danish giant sinks into the red and warns of possible large loss in 2010 as dividends aves.
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Coscol slashed
Cosco Shipping Co (Coscol) has sunk to a huge dip in full-year profit as revenues were slashed.
The weak result comes on the back to a nearly 100% drop in profit in the third quarter.
Coscol’s annual net profit sank 90% to CNY 135.5m ($19.85m), a preliminary filing to the Shanghai bourse read on Tuesday.
This was due to sales at Cosco’s heavy lift and ro-ro arm slipping 43% to CNY 3.9bn.
In the third quarter to the end of September Coscol booked net profit of CNY 6.37m.
The owner has two 50,000-dwt semi-submersible heavylift ships on order at compatriot Guangzhou Shipyard International for delivery in September 2010 and March 2011.
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