"CHINA Shipping Container Lines" (CSCL) in a statement to the Shanghai Stock Exchange, said it lost CNY6.49 billion (US$950.31 million) in 2009, a decline from a net profit of CNY134.69 million in 2008.
Revenue fell 43.4 per cent to CNY19.94 billion from 2008's CNY35.25 billion, the company said, attributing the loss to a shrinking market because of the global economic downturn. But revenue is expected to grow 31 per cent this year to CNY26.17 billion, the company said.
"The financial tsunami starting from 2008 worsened deeply in 2009. But it is unlikely the global economy will head into a second dip of recession in 2010, and the trend of economic recovery is clear in each economy," CSCL said.
"Although the container shipping industry is still uncertain, the operation of the group will be significantly improved in 2010," the company said, mentioning rising fuel costs and the appreciation of the yuan as worrying factors.
Throughout the downturn, China Shipping reorganised its fleet structure and increased efficiency through controlling fuel costs and stricter attention to container management costs.
Operational prospects are brighter in 2010, said the company, as the economy recovers and freight rates pick up, the group has taken a "careful but optimistic view" about the future.
Source : HKSG, 23.04.10.
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