Shipping giant China Cosco Holdings (1919.HKG, 601919.SHA) expects its first-half loss to narrow after selling assets, Bloomberg reported. In a filing to the Shanghai Stock Exchange on Tuesday, Cosco said it had agreed to sell its logistics unit and a stake in a container maker to its parent for one-time gains. The net loss in H1 could shrink by as much as 85% from a net loss of US$794 million (RMB4.87 billion) a year earlier. Cosco is restructuring assets in a bid to return to profitability as a third straight annual loss may result in shares being delisted in Shanghai.
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