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CS Haisheng returns to the black in Q1

CS Haisheng returns to the black in Q1
China Shipping Haisheng (CS Haisheng) has returned to profit in the first quarter due mainly to a one-time gain on disposal of some financial assets.

Net profit for the company’s first quarter ended 31 March 2015 rose to RMB140.37m ($22.63m) as against a loss of RMB48.2m in the same period of last year.

A large part of the profit was generated from a one-time gain of RMB204.9m from the disposal of some financial assets, CS Haisheng announced.

The Shanghai-listed firm, a subsidiary of state-owned China Shipping Group, posted a first quarter revenue of RMB201.6m, down 11.9% compared to RMB228.7m a year ago.

The decline in revenue was attributed to the disposal of the company’s real estate business in the first quarter of last year.

Looking ahead, CS Haisheng projected continued profit for the first half of 2015 from the sale of financial assets and various ongoing cost controlling measures.