CSC companies in the doldrums

CSC Phoenix, the dry bulk shipping arm of Sinotrans &CSC, has announced yesterday that it estimates the company will suffer a loss of RMB80m-90m in 2012 following an RMB88.2m loss in 2011 which means shares of the company will be put into the “special treatment” category, according to listing rules in China.
One day earlier, Nanjing Tanker, the oil shipping division of Sinotrans &CSC posted an estimated loss for its third consecutive year and faces delisting from the Shanghai Security Exchange.
CSC Phoenix also announced it has received three subsidies totaling RMB121m from three different government divisions and it will see it as non-operating income.
“The asset-liability ratio of the group is also on the rise, the group is unable to save the CSC-affiliated companies,” an official from Sinotrans &CSC Group said, adding that the group has also stopped providing guarantees for loans of CSC companies in order to avoid higher risk.
Source: Sino Ship News