Shanghai: CSSC Steel Structure Engineering announced that the company has failed to sell its 100% stake in a subsidiary, Shanghai Ruisu Enterprise Development.
The sale of the asset, valued at RMB258m, has been delayed till the end of March 2015. The company expected to return to profit through the sale of the subsidiary.
CSSC Steel Structure Engineering is engaged in the production of marine equipment and machinery. The company's loss reduced 18% year-on-year for the first nine months in 2014 due to less losses from its non-shipbuilding business. [13/01/15]