CSIC warns of potential losses in early 2014CSIC warns of potential losses in early 2014
China Shipbuilding Industry Corp (CSIC) has warned of a potential net loss, or a significant year-on-year plunge in profit in the first quarter of 2014, as China's shipbuilding industry continues to battle with a severe downturn.

The state-owned shipyard group managed to achieve a net profit of RMB2.63bn ($432.42m) in the third quarter of this year, though it was a 27.5% drop from RMB3.62bn in the corresponding period of 2012.
Revenue for the quarter ended 30 September 2013 came up to RMB35.44bn, down 21.4% from RMB45.1bn, it announced to the Shanghai Stock Exchange.
For the past two years, China's shipyards have been struggling to stay in operation as newbuilding prices plunged and orders for new ships dried up, hitting the margins of shipbuilders.
More than 50% of Chinese yards have shut down, most of them small to medium sized private enterprises, and further consolidation of the remaining 1,600 yards is taking place.
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