Hong Kong: China’s largest private shipbuilding company, Rongsheng Heavy Industries, projects it will post its first annual loss since it listed four years ago.
The company blamed slumping orders and the fall in newbuild prices fore the poor results.
"The company believes that the net loss is primarily attributable to the decline in the shipbuilding market during the 11 months ended 30 November 2012," it said in a filing to the Hong Kong stock exchange. [26/12/12]
