Cosco Issues Profit Guidance for 2Q 2015, Blames Low Oil Prices
Cosco Corporation (Singapore) Limited (the Company) announced Thursday that it considers it appropriate to issue a profit guidance with respect to the unaudited consolidated financial results of the Company for the second quarter ended June 30 (the 2Q 2015 Results).
The Board is of the view that the Company’s consolidated financial results for 2Q 2015 will show a net loss as compared to a profit recorded in the corresponding period of the previous financial year.
The expected net loss is mainly attributable to the low crude oil prices over recent months which has had an adverse impact on the global offshore marine industry; the languid dry bulk shipping market which has brought great pressures to the Company’s dry bulk fleet operations; and the slump in the shipbuilding market which has negatively impacted the Company’s shipyards.
Further details of the Company’s financial performance will be disclosed when the Company announces its 2Q 2015 Results, which are scheduled to be released July 31.
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