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CSBC sinks to full year loss of $52m

CSBC sinks to full year loss of $52m
Taiwan’s state-owned shipbuilder CSBC Corp has sank into the red in 2016 against the backdrop of challenging conditions in the shipbuilding industry.

Taipei-listed CSBC posted a loss of TWD1.57bn ($52m) last year as against a profit of TWD468.15m in 2015.

Full year revenue decreased by 26.6% year-on-year to TWD15.75bn.

The depressing state of the shipping and shipbuilding markets saw CSBC hit by an order cancellation from Syra Shipping for a feeder container vessel in February.