Cosco Corp Q2 net profit falls 56% on year

Cosco Corporation (Singapore) said its net profit in the quarter ended June 30 plunged 56% from a year earlier to $12 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% to $21.8 million.

The company’s orderbook stood at US$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.