COSCO Corp (Singapore) Ltd. said its third quarter net profit fell 61 percent to$16.4 million ($13.20 million) from the same period a year earlier due to lower contributions from dry-bulk shipping and shipyard operations.

Net profit attributable to equity holders of the company fell 84.1 percent on the year to S$4.2 million in the third quarter.

COSCO Corp, a subsidiary of China’s state-owned maritime conglomerate, China Ocean Shipping (Group) Co, said its profit for the first nine months of the year dropped 68 percent to S$26 million.

The company’s order-book stood at S$7.2 billion at the end of September, up from S$6.7 billion three months earlier. (Reuters)