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.
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Cosco says it will look for opportunities to expand its logistical networks through strategic acquisitions and investments.
Cosco shares closed at 17 cents on March 1.
