CLSC warns of US$435 million net loss, blames supply-demand factors
CHINA Shipping Container Lines (CSCL) expects a CYN2.63 billion (US$435 million) net loss in 2013, having reported CNY522.7 million net profit in 2012 after selling 28 per cent of its containers for US$147 and then leasing them back.
Blaming out-of-kilter supply and demand factors, the Hong Kong- and Shanghai-listed company said that based on a preliminary estimates on its finance department, assessing a record loss based on China Accounting Standard for Business Enterprises.
CHINA Shipping Container Lines (CSCL) expects a CYN2.63 billion (US$435 million) net loss in 2013, having reported CNY522.7 million net profit in 2012 after selling 28 per cent of its containers for US$147 and then leasing them back.
Blaming out-of-kilter supply and demand factors, the Hong Kong- and Shanghai-listed company said that based on a preliminary estimates on its finance department, assessing a record loss based on China Accounting Standard for Business Enterprises.