Greater China

CSC Phoenix gets rid of loss making subsidiary

Shanghai: CSC Phoenix, which is currently going through restructuring, announced today that it expects to greatly increase its first half net profit to RMB180m-RMB195m from an earlier expected RMB20m-RMB35m.

CSC Phoenix said the main reason of the profit increase is that its subsidiary Changjiang Transport Technology (CTT) has gone into liquidation and the company has stopped to integrate CTT’s financial results into its financial report from the second quarter of this year.

CSC Phoenix is currently making efforts to resume stock trading next year. [31/07/14]


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