Shanghai: CSC Phoenix reports comprehensive losses of each dry bulk sector including ocean, costal and river with freight rates being less than operating costs.
Two consecutive years’ of huge losses have put the company in deep trouble, plus with more risks from lawsuits, the company predicts a difficult year in 2013, according to a report released by the company today.
To make a better performance this year, the company said it will lay off employees, adjust its fleet structure and strengthen communications with financial organizations and other creditors.
Last year, CSC Phoenix achieved RMB2.108bn in revenue, a decrease of 17.66% year-on-year. The net loss attributed to shareholders of the listed company was RMB 1.88bn. [24/04/13]
