Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

CSC Phoenix books $17.5m profit in H1

CSC Phoenix books $17.5m profit in H1
Changhang Phoenix (CSC Phoenix), the bulk shipping arm of Sinotrans & CSC Group, has announced a fall in earnings in the first half ended 30 June 2015.

Shenzhen-listed CSC Phoenix, whose shares continued to be suspended from trading since May 2014, posted a net profit of RMB108.69m ($17.51m), in line with its expectations. The profit, however, represented a 41.7% decrease compared to RMB186.44m made in the same period of 2014.

Revenue during the first six months was recorded at RMB402.14m, down 23.7% compared to RMB526.89m in the previous corresponding period.

The company’s operating costs, however, went down by 23.5% year-on-year to RMB349.93m due mainly to lower bunker bills and reduced charter-in vessel rates.

CSC Phoenix is currently applying to the Shenzhen Stock Exchange to resume stock trading, after its restructuring was completed and earnings have improved. But it also warned investors that if the application is rejected, the company would be delisted.