Wednesday, April 18, 2012

Cosco mulls state help



Hong Kong-listed China Cosco Holdings Co (CCHC) could consider asking for a cash injection from China’s finance ministry.

A source close to state-owned parent Cosco told the Caixin news agency that the company may apply for an injection worth CNY 10bn ($1.59bn) after posting record losses in 2011.

But Guo Weihua, board secretary at CCHC, denied a decision had been made. He blamed the profit drop on lower shipping rates and higher fuel costs.

CCHC could need the cash for imminent capital expenditures of CNY 15.3bn on new ships, charters and repairs.

It lost CNY 10.45bn last year, compared with a CNY 6.77bn profit 12 months earlier.

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