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CSC Phoenix eyes profit after restructuring

CSC Phoenix eyes profit after restructuring
Changhang Phoenix (CSC Phoenix), the bulk carrier operating unit of Sinotrans and CSC Group, is expecting to record a sizable profit after it completed a bankruptcy restructuring.

Shenzhen-listed CSC Phoenix announced that it predicted a profit of between RMB4.09bn ($653.39m) to RMB4.52bn for the financial year 2014.

The potential profit compares to a loss of RMB4.51bn in 2013.

The Chinese shipowner attributed the forecast profit to a restructuring gain of up to RMB4.37bn, as well as significantly reduced financial costs and depreciation after it emerged from the proceedings.

The company completed its restructuring in September last year after the repayment of debts owned to 129 creditors with RMB229.8m in cash and 212.9m shares in the company.