Reuters: Financial Services and Real Estate: Singapore-listed COSCO's Q1 profit falls 25 pct

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Singapore-listed COSCO's Q1 profit falls 25 pct May 8th 2012, 09:21 SINGAPORE | Tue May 8, 2012 5:21am EDT SINGAPORE May 8 (Reuters) - Singapore-listed Chinese shipbuilder COSCO Corp (Singapore) Ltd posted a 25 percent fall in first quarter net profit on Tuesday, hurt by lower dry bulk shipping income. COSCO said net profit for January-March fell to S$27.8 million ($22.3 million) from S$37.1 million a year earlier. The company's revenue slipped 3 percent to S$978.7 million in the first quarter, dragged down by a decline in sales from its shipyards and dry bulk shipping. COSCO warned that business and operating conditions for the rest of the year would remain "difficult and challenging" due to a fragile global economic recovery. ($1 = 1.2469 Singapore dollars) (Reporting by Charmian Kok)

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