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Avic sinks deeper into the red in Q1

Avic International Maritime has plunged deeper into the red in the first quarter and revenue sank.

Lee Hong Liang, Asia Correspondent

May 12, 2014

1 Min Read
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The marine and offshore services firm registered a loss of RMB5.56m ($892,050) in the quarter ended 31 March 2014, widening from a deficit of RMB1.22m in the previous corresponding period.

Revenue dropped 7.4% year-on-year to RMB105.51m due mainly to lower shipbuilding revenue and lower ship design fee income. However the company’s income from the trading of steel plate and higher management service fee income have helped to offset the lower revenue.

“The group has been actively working on the integration of the shipbuilding project management and consultancy business segment from Avic International Beijing, Shanghai, Xiamen and Guangzhou into Avic Maritime, which will reinforce and strengthen our focus and capabilities in the maritime management and consultancy business,” said Diao Weicheng, executive chairman of Avic Maritime.

“Going forward, the group will continue to actively implement its strategies to provide a one-stop service covering the entire maritime business value chain,” he said.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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