China Shipping`s quarterly loss 683pc worst than last year`s

Time:2009-11-02 Browse:57 Author:RISINGSUN

CHINA Shipping Container Lines (CSCL) has announced third quarter year-on-year losses of US$284 million - 683 per cent worse than the $39.7 million loss last year.
In a statement to the Hong Kong stock exchange, which did not mention revenue, the carrier attributed losses a fall in freight rates and volumes as well as increases in bunker costs.
Net cash flow from operations for the first nine months of the year fell 532 per cent year on year to $783.6 million, which was blamed on less operating income, which dropped 49.2 per cent.
Investment income fell 40 per cent year on year "mainly due to a decrease in profits of investment companies of the group", said the company statement.
The profit decline was "mainly due to the substantial decrease in freight rate and volume as a result of the financial crisis and the recent increase in fuel prices, thereby causing a substantial operating loss", the company said.