COSCO's 1Q profit alert out after market in Shanghai today (10 Apr). Profit to
shareholders (in Rmb) dropped 44% QoQ an 68% YoY. No revenue figure has been
given and hence OPEX and EBIT margin are not available. COSCO has book a large
amount of provision during the past two years and hence COSCO's EBIT going
forward may not be comparable to the industry peers.