Cosco Corp: (S$0.28) No habour in stormy seas as 2Q16 sinks
- Cosco languished in a sea of red as 2Q16 net loss deepened to $36.8m from $4.8m the previous year
- Revenue slid 11% y/y to $762.9m on pressure from both its shipyard and dry bulk shipping segments
- The red ink pushed 1H16 loss further to $51.2m, blowing past FY16 street expectations for a $41.5m loss.
- Net gearing deteriorated further to 4.3x (1Q16: 3.9x)
- Notably, management is particularly pessimistic about the future
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