The CSCL Group, including its units, "has applied for the special subsidies in respect of the retirement and dismantling of seven vessels (including Xiang Pu vessel) during the period from 1 January 2013 to 30 April 2014, and has received special subsidies in the amount of approximately RMB77.7m ($12.5m) from the Ministry of Finance as subsidy for the retirement and replacement of transportation vessels on 29 December 2014".
CSCL will be recognizing the subsidies as non-operating income, and include it in the same in the consolidated profit and loss for 2014 of the group.
"Receipt of such subsidies will have a positive effect on the 2014 annual results of operation of the group," CSCL added.
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