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Why Cosco's 4Q13 results are feared to be uglier
Analysts see the worst coming.
According to CIMB, they believe that Cosco’s 4Q results could be uglier, owing to the reversal of profits for the cancellation of its drillship order.
The cancellation is now under arbitration and the company is unable to quantify any financial impact.
Here's more from CIMB:
However, in line with the conservatism principle in accounting standards, we believe that we would see the impact in 4Q.
Upside risk would come from a successful sale of the drillship. The unit is undergoing sea trials and Cosco shares that it has several enquiries for the vessel.
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