Ningbo Marine borrows from parent

Shanghai: Ningbo Marine has announced that it has signed an agreement with its parent company Zhejiang Energy Group for a one-year loan of RMB19m to replenish working capital.

Ningbo Marine said the loan will ease financial pressures on the company and it has borrowed a total of RMB239m from its parent company in the past 12 months.

Ningbo Marine reported a net loss of RMB13.3m in the first quarter of this year, slightly improved comparing with the same period of last year. [13/06/14]

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