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Jiangnan Heavy Industry expects deeper losses in 2013
Jiangnan Heavy Industry, a subsidiary yard of China State Shipbuilding Corporation (CSSC), has warned investors of a deeper net loss in the financial year 2013.
The Shanghai-listed shipbuilder estimated losses for 2013 to come up to RMB170m ($28.11m), compared to a loss of RMB76.05m in 2012.
Jiangnan Heavy attributed the heavier losses to lower newbuilding orders and prices that led to reduced profit margins.
The shipbuilder added that it will suffer two years of consecutive losses by end of 2013 and face a warning from the stock exchange over a potential delisting.
Source: Seatrade Global
The Shanghai-listed shipbuilder estimated losses for 2013 to come up to RMB170m ($28.11m), compared to a loss of RMB76.05m in 2012.
Jiangnan Heavy attributed the heavier losses to lower newbuilding orders and prices that led to reduced profit margins.
The shipbuilder added that it will suffer two years of consecutive losses by end of 2013 and face a warning from the stock exchange over a potential delisting.
Source: Seatrade Global
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