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China Shipping Development posts deeper lossesChina Shipping Development posts deeper losses

China Shipping Development Corp (CSDC) sank into deeper losses in the third quarter ended 30 September 2013 and is expecting to post a full year net loss.

Lee Hong Liang, Asia Correspondent

October 30, 2013

1 Min Read
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The state-owned shipping firm booked a deficit of RMB246.67m ($40.5m) in the third quarter, widening from a loss of RMB90.72m in the previous corresponding period.

Revenue was recorded at RMB2.93bn compared to RMB2.81bn a year ago.

“Since the start of 2013, the domestic and overseas shipping markets have been experiencing a downturn. We expect the group to record a net loss for the financial year 2013,” Shanghai-listed CSDC said.

In the first nine months of this year, CSDC registered a huge loss of RMB1.2bn compared to a loss of RMB401.68 in the same period of last year.

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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