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China Shipping Container's loss expands to RMB 1.45 bln in Q1

Apr. 26, 2012 (China Knowledge) - China Shipping Container Lines Co (CSCL)<601866><2866> suffered a net loss of RMB 1.45 billion in the first quarter of this year, compared with a net loss of RMB 146.1 million in the corresponding period of 2011.

In a statement, the Shanghai and Hong Kong-listed firm said the expanded loss was principally dragged down by increased operating costs and declined revenue.  

In the three months ended Mar. 31, 2012, CSCL earned RMB 6.45 billion in revenue, down 1.1% year on year from RMB 6.53 billion. Loss per share was 12.44 RMB cents.

As of Mar. 31, 2012, CSCL had RMB 53.34 billion in total assets, whereas it had RMB 49.41 billion at the end of last year, reflecting an increase of 8.35%.

CSCL is a unit of state-owned China Shipping (Group) Co, the parent co of China Shipping Development Co Ltd< 600026><1138>, sources reported.

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