CSSC improves nine-month earnings, expects full year loss

Profit for the first nine months of 2015 was recorded at RMB170.8m ($27.08m), representing an increase of 23.1% compared to the gain of RMB138.76m in the previous corresponding period.

Revenue also went up by 5.5% year-on-year to RMB21.88bn.

While the nine-month results registered a profit, CSSC posted a loss of RMB898,037 in the third quarter, as against a gain of RMB19.08m in the same period of 2014.

Due to the ongoing slump in the global shipbuilding industry, CSSC has forecast a loss for its financial year 2015.

Meanwhile, compatriot China Shipbuilding Industry Corporation (CSIC) is also expecting a full year loss after it reported a deficit of RMB441.45m in the January-September 2015 period.