China Shipping Container Lines narrows loss to US$22.4 million in first quarter

HONG KONG and Shanghai listed China Shipping Container Lines (CSCL) has revealed first quarter net losses have narrowed year on year, attributed to non-operating revenue grow, reports Dow Jones, adding that sales dropped 1.6 per cent to CNY6.53 billion from CNY6.63 billion in the same period.

CSCL, China`s largest container shipper - the eighth biggest in the world - said its net loss for the three months ending March 31 was CNY146.1 million (US$22.4 million), according to Chinese accounting standards. The company reported net losses of CNY192.7 million in last year`s first quarter.