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Rongsheng may post 1st loss in 4 years
By Richard Fu |
December 25, 2012, Tuesday
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Print Edition
Print Edition
CHINA Rongsheng Heavy Industries Group Holdings Ltd may report its first annual loss in four years amid a slump in the shipbuilding market.
The decline in demand has "led to the sharp decrease in orders and prices of vessels compared with the same period last year," Rongsheng, China's largest private shipbuilder, said in a filing to the Hong Kong stock exchange yesterday, without giving figures.
The shipbuilder in August reported an 82 percent plunge in first-half earnings as a global economic slowdown and overcapacity sank demand for vessels.
Chinese shipyards won 15.4 million deadweight tons of new orders in the first nine months, down 47 percent from a year earlier, according to the Ministry of Industry and Information Technology.
To offset the sluggish shipbuilding business, Rongsheng is setting up a new unit for offshore energy equipment in Singapore. But an insider-trading scandal involving its then chairman, Zhang Zhirong, and China's largest offshore oil producer CNOOC Ltd earlier this year has raised doubt about the prospects of the unit. CNOOC is potentially a big customer for Rongsheng's offshore equipment products.
Rongsheng fell 1.46 percent to HK$1.35 (17 US cents) yesterday while the Hang Seng Index increased 0.16 percent.
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