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Jinhui warns of heavier losses

Jinhui warns of heavier losses
Jinhui Shipping and Transportation has warned investors of a “significant increase” in net loss for its third quarter and nine months ended 30 September 2015 compared to the previous corresponding period in 2014.

The dry bulk shipowner attributed the projected losses to weak spot freight market putting pressure on the group’s hire and freight revenue.

It added that the abrupt correction of global stock markets in the third quarter of 2015 caused a substantial net loss on the group’s investment portfolio which comprised of listed equity and debt securities.

“Such net loss included both realised loss on trading transactions and unrealised fair value loss on these securities instruments and would have a negative impact to the consolidated operating results of the group for the third quarter and nine months ended 30 September 2015,” Jinhui said.

In the first half, Jinhui posted a loss of $7.93m, widening from the deficit of $2.59m in the same period of last year.