Shanghai: CSC Phoenix, the financially troubled subsidiary of Sinotrans & CSC, has decided to streamline its operations in order to cut cost. The company has announced yesterday that the board has approved to close two of its subsidiaries, CSC Phoenix Jiangsu and CSC Phoenix Shanghai, and it will establish a new marine business department.
CSC Phoenix said its Jiangsu subsidiary hasn’t had normal operating activities since its establishment in 2012 and the business of its Shanghai subsidiary will be transferred to the new marine business department.
Meanwhile, CSC Phoenix reported a net loss of RMB344m for the first half of 2013 and revealed that the company currently has overdue loans totalling RMB775m. [28/08/13]
