Jiangnan Heavy Industry slumps to net lossJiangnan Heavy Industry slumps to net loss

The Shanghai-listed company posted a net loss of RMB76.05m ($12.22m) as against a profit of RMB38.21m in 2011. Revenue for the year dropped to RMB1.04bn from RMB1.5bn.

CSSC Jiangnan Heavy Industry experienced operating difficulties last year due largely to the continuing shipping recession, shrinking whole-set machinery equipment market and intensifying competition within the steel products market.

The company was contracted to carry out 195 projects last year with a total value of RMB1.2bn. Out of the total orders, 66% are shipbuilding related contracts.

The company has set a revenue target of RMB1.15bn for 2013. It had missed its revenue target of RMB1.6bn for 2012.

The China-based yard added that it will focus on “competing for new orders and market share” this year, at the same time raise its productivity and look beyond the Chinese market to enhance its competitiveness.