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CSC Phoenix gets $8.9m subsidy for scrapping old ships

CSC Phoenix gets $8.9m subsidy for scrapping old ships
Changhang Phoenix (CSC Phoenix), the bulk shipping arm of Sinotrans & CSC Group, said it has received RMB55.4m ($8.9m) worth of government subsidy for scrapping old vessels.

CSC Phoenix said the subsidy would contribute to its revenue for the current financial year.

The Shenzhen-listed Chinese firm also announced a projected net profit of RMB105-120m for the first half ended 30 June 2015. The profit forecast represents a 36.64-43.68% decrease compared to the gain of RMB186.44m in the previous corresponding period.

The company's shares continued to be suspended from trading since May 2014 due to three consecutive years of losses. It is currently applying to the Shenzhen Stock Exchange to resume stock trading. It also warned investors that if the application is rejected, the company would be delisted.

CSC Phoenix returned to profit in 2014 after it completed a restructuring in September last year.