Cosco explains that the decision to make the impairment came about following higher inflation and interest rates and economic uncertainty.
In the previous FY2021, the company reported earnings of $30.1 million. Revenue between FY2021 and FY2022 dipped 6% to $185.6 million.
Cosco explains the dip was mainly because of the absence of shipping revenue from the sale of its 60%-held stake in a shipping subsidiary.
On the other hand, revenue from its now core logistics segment increased by 5% to $152.6 million.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
Cosco says it will look for opportunities to expand its logistical networks through strategic acquisitions and investments.
Scroll to continue
Cosco shares closed at 17 cents on March 1.
