Sea of red ink
Source: Xinhua |
May 20, 2010, Thursday
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Print Edition
Print Edition
CHINA Shipping Container Lines Co, the country's biggest container shipper by capacity, sailed into the red in 2009 with a loss of 6.49 billion yuan (US$950 million) as the global financial crisis took its toll.
The loss compared with a net profit of 134.69 million yuan in 2008, the company said in its annual report filed with the Shanghai Stock Exchange yesterday.
Revenue dived 43.4 percent annually to 19.9 billion yuan.
The company attributed the loss to the financial crisis which had cut major economies' demand for shipping services.
The lackluster performance also stemmed from fierce competition with domestic shipping service providers. The company said its domestic shipping rates sunk 33.9 percent on average to 1,329 yuan last year.
The loss compared with a net profit of 134.69 million yuan in 2008, the company said in its annual report filed with the Shanghai Stock Exchange yesterday.
Revenue dived 43.4 percent annually to 19.9 billion yuan.
The company attributed the loss to the financial crisis which had cut major economies' demand for shipping services.
The lackluster performance also stemmed from fierce competition with domestic shipping service providers. The company said its domestic shipping rates sunk 33.9 percent on average to 1,329 yuan last year.
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