China Shipping Development Company (CSDC) posted a net loss in the first quarter of 2012, a swing from a net profit recorded in the same period a year earlier.
CSDC registered a net loss of RMB320.74m ($50.83m) as against a net profit of RMB382.04m a year ago. Revenue in the first quarter also dipped to RMB2.74bn compared to RMB2.98bn in the corresponding period of 2011.
The first quarter net loss was expected as the Hong Kong-listed company had earlier noted insufficient demand in both domestic and international shipping markets and oversupply of shipping capacity.
High bunker fuel prices were also one of the main causes that trimmed the company's bottomline.
Source: Seatrade-Asia