Taiwanese shipbuilder CSBC Corporation has implemented cost saving measures which include cutting the salaries of management.
The company’s president Cheng Wen-lon and general manager Tseng Kuo-Cheng will take a salary cut of 20% while other senior managers will take salary cut of 10%. The salaries of other employees will remain the same.
CSBC suffered a loss of TWD5.8bn ($198m) for the year of 2017, increasing significantly from a loss of TWD1.2bn in the previous year.
According to Cheng Wen-lon, CSBC will switch its focus from commercial ships to navy and offshore orders in order to get through the current difficult times in the shipbuilding sector and will target to get back to profit by the end of this year.