Courage Marine undeterred by profit slump
Courage Marine, the dry bulk shipping company planning an initial public offering in Hong Kong, plunged into the red with a US$3.7 million net loss in the first quarter of this year, compared with a US$3 million net profit last year. Turnover dropped 54.8 per cent to US$5.8 million between January and March, down from US$12.9 million. The company said its financial performance this year would be 'adversely affected' by 'challenging economic conditions.' But chairman Hsu Chih Chien said Courage would be seeking 'affordable second-hand ships to grow our fleet.'