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Jiangsu Rongsheng sinks to $205m loss for first nine monthsJiangsu Rongsheng sinks to $205m loss for first nine months

Jiangsu Rongsheng Heavy Industries, the shipbuilding unit of China Rongsheng Heavy Industries, plunged into the red for the nine months ended 30 September 2013.

Lee Hong Liang, Asia Correspondent

October 22, 2013

1 Min Read
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Jiangsu Rongsheng recorded a net loss of RMB1.25bn ($204.97m) for the first nine months of 2013, as against a net profit of RMB21.52m in the corresponding period of last year.

Revenue during the period fell 67.2% year-on-year to RMB2.13bn, Hong Kong-listed China Rongsheng announced.

China Rongsheng had posted a RMB1.26bn loss in the first half on a 71.1% plunge in revenue to RMB1.58bn, due largely to a significant decline in new shipbuilding orders and delayed progress of fulfillment of existing shipbuilding orders.

The company admitted earlier that its financial condition is dire due to payment and delivery delays which have strained cashflows.

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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