Jiangnan Heavy Industry books Q3 lossJiangnan Heavy Industry books Q3 loss
Jiangnan Heavy Industry deepened its losses in the third quarter of 2013 due to the ongoing slump in China's shipbuilding sector.

The arm of China State Shipbuilding Corp (CSSC) booked a third quarter loss of RMB33.27m ($5.46m), widening from a loss of RMB4.93m in the same period of last year.
Revenue during the quarter, however, rose to RMB263.97m compared to RMB185.81m a year ago.
Shanghai-listed Jiangnan Heavy Industry blamed the poor results to the sluggish global shipping market and a consolidation of the shipbuilding sector.
The yard said it has received fewer new shipbuilding orders, made worse by declining newbuilding prices that squeezed its margins.
In the nine months ended 30 September 2013, the yard posted a loss of RMB94.8m, leading to projections of a full year loss for its financial year 2013.
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