China COSCO suffers RMB1.53bn loss

But at least it's less than last quarter's.

According to Barclays Research, China COSCO posted a 3Q12 loss of RMB1.53bn, compared to a loss of RMB2.2bn in 2Q12 and a loss of RMB2.1bn in 3Q11.

Here's more from Barclays Research:

The y/y improvement is attributable to a RMb490mn increase in government subsidies. On a per share basis, CCH lost RMB0.15 which is a sequential improvement from the 2Q12 loss of RMB0.21 per share and the lowest loss since 1Q11.

However, given the decline in Asia-to-Europe freight rates since June we expect a sequential decline in container profitability in 4Q12. 3Q12 annualized ROE is -21%pa, vs. -28%pa in 2Q12 and -20%pa in 3Q11. Book value per share declined by 5% q/q to RMB2.79 from RMB2.93 in 2Q12 and -18% from YE2011.