SINGAPORE, Aug 1 (Reuters) - COSCO Corporation (Singapore) Ltd said its net profit in the quarter ended June 30 plunged 56 percent from a year earlier to S$12 million ($9.42 million).
COSCO Corp, controlled by state-owned China Ocean Shipping (Group) Company, said its net profit for the first half of the year dropped 61 percent to S$21.8 million.
The company’s orderbook stood at $6.7 billion at the end of June. The excess capacity in the shipping industry, together with the uncertain economic environment may lead to a decline in new ship orders, the company said.
For a company statement, click ($1 = 1.2740 Singapore dollars) (Reporting by Rujun Shen; Editing by Jeremy Laurence)