SINGAPORE Aug 1 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
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)