Pursuits
Cosco Shipping Loss Triples in Latest Sign of Weak China Profits
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Cosco Shipping Co., a listed unit of China’s biggest shipping group, said first-half net loss tripled, the latest sign that slowing growth in the world’s second-biggest economy is eroding corporate earnings.
The shipping company’s loss in the first six months was 78 million yuan ($12.7 million), widening from 23.6 million yuan a year earlier, it said in a statement to Shanghai’s stock exchange yesterday. Gold miner Zijing Mining Group Co., sportswear maker Peak Sport Products Ltd. and winemaker Dynasty Fine Wines Group Ltd. are among others to report sliding profits or losses this month.