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CSC Phoenix predicts Q1 profit, faces delisting

CSC Phoenix predicts Q1 profit, faces delisting
China's CSC Phoenix has predicted a net profit for the first quarter of 2014 as it faces a delisting due to three consecutive years of net losses.

The Shenzhen-listed bulker owner said it expects a first quarter profit of between RMB12m ($1.93m) to RMB22m, as against a loss of RMB190.1m in the previous corresponding period.

In the year ended 31 December 2013, CSC Phoenix reported a loss of RMB4.51bn, the third straight annual deficit, putting it as a delisting candidate.

The subsidiary of Sinotrans & CSC Group suspended the trading of its shares in December as it struggled to survive a court restructuring.

CSC Phoenix's sister company Nanjing Tanker Corp (NJTC) is also troubled by losses and it will be delisted from the Shanghai Stock Exchange later this week after posting its fourth year of net loss in 2013.