Cosco vows to return to profitability this year

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Beijing: The financially troubled leading Chinese shipping company, Cosco, is confident it will return to profitability in 2013, Ma Zehua, the boss of Cosco, said at Beijing during an interview with local media.

Cosco is “confident” it will make profits this year, Ma said.“The market is paying special attention to the delisting risk of Cosco, and we also feel great pressure, however, we will take actions to fix it,” Ma continued.

Cosco is likely to report losses in the billions of renminbi for flagship China Cosco Holdings which will put on a special watch list at the Shanghai Stock Exchange. Cosco’s poor performance has sparked a small shareholders’ revolt calling for chairman, Wei Jiafu, to resign.  [04/03/13]