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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.

Lee Hong Liang, Asia Correspondent

October 29, 2013

1 Min Read
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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.

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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