Cosco Shipping Co., the heavy-lift and multipurpose unit of China's largest shipping group, reported a net loss of 78 million yuan ($12.7 million) in the first half of 2013, more than triple the 23.6 million yuan loss in the same period last year. Revenue in the first six months of this year inched up 0.7 percent to 3.6 billion yuan.
The company did not explain the widening of the loss. The country, however, has seen its economy slow as the administration of Premier Li Keqiang tightens credit. Data from the General Administration of Customs also showed that China's global imports and exports declined in June, and exports to the U.S. and European Union fell for the fourth consecutive month, further signs of the underlying weakness in the world's second-largest economy following a decade of rapid growth.
After two years of losses, Cosco Shipping warned earlier this year that it faced delisting by the Shanghai Stock Exchange if it posted a third consecutive annual loss.
The company released the financial report less than two weeks after Cosco Group announced that Wei Jiafu was retiring after 15 years as first president and CEO of the group and then chairman. Ma Zehua, former president of Cosco Group, is the new chairman.