Deterioration of the economic results of Lowers COSCO and CSCL



While they continue in Hush the negotiations between COSCO and Shipping Group (CSG) for the fusion of activity of the two Chinese shipowning groups Lowers, negotiates centralized on the branches of marine business of the containerized transport that has involved the suspension gives beyond a month and means of the quotations the respective shares on the stock market, China COSCO, holding financial institution of group COSCO, and Lowers Shipping Container Lines (CSCL), navigation company that work the services of marine transport of the container of group CSG, have introduced today turned out economic quarterly that they evidence a marked deterioration of the performances.

268 million dollars lower COSCO have closed the third trimester of 2015 with a net loss of -1,71 billion yuan () respect to a profit of clearly 1,62 billion yuan in the period July-september last year. The revenues have recorded a consisting bending of -19,2% coming down to the 14,14 billion one yuan. The operating result has been of sign negative for -1,35 billion yuan respect to an operating profit of 576 million yuan in the third trimester of 2014.

In the third trimester of this year the fleet of portacontainer of group COSCO, that Container Lines (COSCON is operated by the COSCO) has transported containerized cargo volumes pairs almost 2,5 million teu, with a decrease of the -0,5% on the same period of 2014. In the field of the bulk transport sand banks the ships of group COSCO have transported 38,8 million tons (- 7.4%), of which 32,6 million tons on the international routes (- 2.2%) and 6,2 million tons on national routes (- 27.8%). In the period July-september of the 2015 harbour terminal of COSCO Pacific, the terminalista society of the Chinese group, they have enlivened a containerized trade pairs to 17,65 million teu, with an increment of +0.3% ( on 16 October 2015).

Respect to a profit of clearly 209 million yuan in the correspondent lowers Shipping Lines Container has concluded the third trimester of this year with a net loss of -1,05 billion yuan (164 million dollars) period of 2014. Also CSCL has recorded a consisting contraction of the revenues, that they are piled to 7,86 billion yuan (- 14.6%), and an operating result of sign negative, than respect to an operating profit of 161 million yuan in the period has been attested to -1,02 billion yuan July-september last year.