HONG KONG, Dec 24: China Rongsheng Heavy Industries Group, China’s largest private shipbuilder, said on Monday it expects to log a net loss for the full year of 2012 due to sharp declines in orders and prices of vessels amid a sluggish shipping industry.
‘The company believes that the net loss is primarily attributable to the decline in the shipbuilding market during the eleven months ended 30 November 2012,’ it said in a filing on the Hong Kong stock exchange.
In August, Rongsheng reported its sharpest fall in half-year profit, down 82 percent, on a dearth of new orders, putting further pressure on its stretched balance sheet.
(AGENCIES)
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