“The company believes that the net loss is primarily attributable to the decrease in revenue as a result of the company's conservative sales strategy under the current trough stage of the shipbuilding market,” China Rongsheng said in a statement to the Hong Kong Stock Exchange.
The brief statement did not reveal a forecast figure for the losses.
Jiangsu Rongsheng Heavy Industries, the shipbuilding unit of China Rongsheng, had recorded a net loss of RMB1.25bn ($205m) for the first nine months of 2013, as against a profit of RMB21.52m in the corresponding period of last year.
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