Some good news has finally come from China Cosco, with the Chinese shipping giant announcing that it is set to return to the black for 2013, turning around from a net loss of RMB9.56bn ($1.58bn) the year before.
Cosco said in a stock market announcement that the expected profit "is primarily due to the effort of the company in increasing its revenue and reducing its operation costs and the revenue generated from the disposal of equity interests and assets in certain companies previously held by the company".
The company warned that this was a preliminary estimate. However it does lift the spectre of delisting somewhat. Cosco had been under the knife and faced potential delisting from the the Shanghai Stock Exchange if it had posted a third consecutive year of losses in 2013.
The company warned that this was a preliminary estimate. However it does lift the spectre of delisting somewhat. Cosco had been under the knife and faced potential delisting from the the Shanghai Stock Exchange if it had posted a third consecutive year of losses in 2013.
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