CSCL profit warning for first half - blames euro debt, rates and quake

CHINA Shipping Container Lines (CSCL) has announced it expects to post a net loss for the first six months of the year, citing the European debt crisis, rising oil prices, the earthquake in Japan and the influx of additional shipping capacity.

In a statement issued to the Hong Kong stock exchange, company secretary Ye Yumang said that the warning was based on a preliminary review on the management accounts of the group, which had not been confirmed by auditors.


The net loss is expected to mark a sharp drop from last year first half profit of CNY1.17 billion (US$181.7 million).