China COSCO has just issued a profit warning, stating that it will incur a net loss in 1H09 compared to a RMB15.1bn net profit in 1H08.
China COSCO has just issued a profit warning, stating that it will incur a net loss in 1H09 compared to a RMB15.1bn net profit in 1H08. This is mainly due to a substantial loss in the container shipping segment. The dry bulk business was also loss-making in 1H09 but the operating outlook will improve in 3Q.
"This is largely in line with our expectations," a note from JP Morgan said, "as 1Q09 net loss (under PRC accounting standards) already amounted to RMB3.3bn. However, there is downside risk to 2009E consensus full year net loss forecast of Rmb2.2B - likely its worst results in history."
JP Morgan said China COSCO's share price is likely to take a hit.
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