China Shipping Container Lines posts sharp profit fall in 2009

12:47, April 22, 2010      

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China Shipping Container Lines Company Limited (CSCL) on Thursday posted a loss of 6.49 billion yuan (950.31 million U.S. dollars) in 2009, down from a net profit of 134.69 million yuan in 2008.

Revenues fell to 19.94 billion yuan from 2008's 35.25 billion yuan, a year-on-year decline of 43.4 percent, said the company in a statement filed with the Shanghai Stock Exchange.

Loss per share was 0.5554 yuan, from earnings of 0.0115 yuan per share in 2008, according to the statement.

CSCL said the sharp fall in revenues and profits mainly stemmed from a shrinking market amid the global downturn, a decline of 42.7 percent from the previous year in cargo fares and a 28 percent rise in management costs.

The company said it expected its revenues in 2010 to grow 31 percent from 2009 to reach 26.17 billion yuan, while operation costs would increase on rising fuel prices.

The company's stock ended Thursday's morning session down 2.65 percent to 4.41 yuan per share.

Source: Xinhua


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