Skip to content

COSCO Suffers Huge Financial Loss: Nearly 4.9 Billion Yuan in First Half of 2012

According to China Ocean Shipping (Group) Company’s semi-annual report, COSCO lost 4.872 billion yuan in net profit (US$767.3 million) in the first half of 2012, a decline of 79.72 percent compared to last year. COSCO’s loss even exceeds China Aluminum’s huge loss of 3.2 billion yuan. Expecting to lose more money this year, Wei Jiafu, COSCO’s Chairman and CEO, has applied for financial support from the relevant departments in China.

Source:, August 31, 2012