China COSCO Holdings Co Ltd, the country's leading international shipping carrier, announced that its net profit plunged 43.3% year on year to RMB 10.83 billion in 2008.
The company attributed the profit decline to the waning demand for bulk cargo transportation and the loss of RMB 4.12 billion arising from the Forward Freight Agreements (FFAs).
The company realized operating revenue of RMB 114.97 billion, indicating a year-on-year growth of 17.2%, while the income from its container shipping business declined 4.6% to RMB 39.08 billion.
The company attributed the profit decline to the waning demand for bulk cargo transportation and the loss of RMB 4.12 billion arising from the Forward Freight Agreements (FFAs).
The company realized operating revenue of RMB 114.97 billion, indicating a year-on-year growth of 17.2%, while the income from its container shipping business declined 4.6% to RMB 39.08 billion.