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CSC Phoenix returns to profit in 2014

CSC Phoenix returns to profit in 2014
Changhang Phoenix (CSC Phoenix), the bulk carrier arm of Sinotrans & CSC Group, has returned to profit in 2014 after it completed a bankruptcy restructuring.

Shengzhen-listed CSC Phoenix reported a profit of RMB4.31bn ($695.55m) in 2014 as against a loss of RMB4.51bn in 2013. The profit was in line with expectations made by the company in February.

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.

Trading of the company’s shares was suspended since 16 May 2014, and CSC Phoenix plans to resume trading of its shares by this year.