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Guangzhou Shipyard posts bigger losses in Q1

Guangzhou Shipyard posts bigger losses in Q1
Guangzhou Shipyard International (GSI) has reported a wider loss in the first quarter over the year-ago period.

In the quarter ended 31 March 2015, GSI posted a loss of RMB203.68m ($32.84m) compared to a loss of RMB166.69m in the same period of last year.

The three-month revenue went up slightly to RMB3.93bn compared to RMB3.42bn in the previous corresponding period.

GSI, which completed its restructuring, will change its name to CSSC Offshore & Marine Engineering.

State-owned China State Shipbuilding Corp (CSSC) had injected three yards into GSI last year as part of the restructuring process, putting Huangpu Wenchong Shipbuilding, Yangzhou Kejin and Longxue Shipyard now in its fold.

The Hong Kong-listed company, moving forward, will focus on handymax tankers as well as military and auxiliary vessels.

TAGS: Shipyards