State-controlled shipping services firm Cosco International saw profit decline 6.5% to HK$336 million (US$43.31 million) in 2015 as revenue fell 21% to HK$6 billion as demand faltered and price competition intensified, South China Morning Post reported, citing a filing to the Hong Kong Stock Exchange. “Looking forward to 2016, the global economy will experience a deepening adjustment with sluggish recovery. The growth of international trade will slow and the financial market and commodity markets are expected to fluctuate. The global shipping market will remain depressed,” said Liu Xianghao, managing director of the the firm, owned by China COSCO Shipping International.
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