China Cosco Holdings turned a US$1.6 billion profit in 2008 into a net loss of $1.1 billion last year, effectively managing to lose $2.7 billion in 12 months.
The state-owned bulk and container-shipping company was hit hard as the global financial crisis reduced demand for its services, Dow Jones reported.
The Beijing-based shipping company said its net loss for the 12 months ended December 31 was $1.1 billion, according to Chinese accounting standards, reversing from a net profit of $1.6 billion in 2008.
Revenue fell 51.9 percent to $8.16 billion from $16.99 billion. According to international accounting standards, its net loss was $1.09 billion in 2009, compared with a net profit of $1.7 billion in 2008.
China Cosco, the listed flagship of state-owned China Ocean Shipping (Group), has businesses ranging from dry-bulk shipping, container shipping, port operations, and container construction to cargo and shipping agency operations.
The state-owned bulk and container-shipping company was hit hard as the global financial crisis reduced demand for its services, Dow Jones reported.
The Beijing-based shipping company said its net loss for the 12 months ended December 31 was $1.1 billion, according to Chinese accounting standards, reversing from a net profit of $1.6 billion in 2008.
Revenue fell 51.9 percent to $8.16 billion from $16.99 billion. According to international accounting standards, its net loss was $1.09 billion in 2009, compared with a net profit of $1.7 billion in 2008.
China Cosco, the listed flagship of state-owned China Ocean Shipping (Group), has businesses ranging from dry-bulk shipping, container shipping, port operations, and container construction to cargo and shipping agency operations.