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SINGAPORE : Mainboard-listed shipping firm COSCO said its third quarter profit dropped 80 per cent on-year to S$22.3 million.
The figure was significantly lower than the S$113.9 million profit it earned over the same period last year.
The lower profit came on the back of a decline in turnover, which fell by 24 per cent to S$752 million for the period ended in September.
COSCO blamed the disappointing showing on a sluggish business environment. It said the global economic slump affected its ship repair and conversion projects and led to lower dry bulk shipping charter rates.
Despite signs of a recent recovery, the firm said prospects for the shipping industry are expected to remain foggy for the near term.
It does not expect freight rates to stage any strong rebound anytime soon as the economic recovery remains tentative.
COSCO expects earnings for the full financial year to be substantially lower than the previous year due to the uncertain global economic environment. - CNA /ls
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