Shanghai: Just when investors thought it was impossible for things to get any worse with one of China’s most financially crippled shipping lines, CSC Phoenix has announced today that it has revised its previously announced RMB805m annual losses for 2012 to RMB1.88bn.
CSC Phoenix said the change is due to different accounting opinions regarding a transfer deal of 13 vessels and some liabilities to its parent company last year. The company has consulted relevant authorities and decided to make the change.
CSC Phoenix has been suffering from losses for two consecutive years and a “special treatment” label on its listed shares seems inevitable. [18/04/13]
