China Shipping issues profit warning
China Shipping Container Lines Co. Ltd. said last week it expects to report a net loss for the six months ended June 30.
In a notice to the Hong Kong Stock Exchange, the Shanghai-based company said the expected loss “is mainly attributable to factors including the adverse effect of the global economy, the debt crisis in Europe, the earthquake in Japan, substantial increase in the crude oil price and the newly added shipping capacity in the shipping industry. As a result, the international container transportation market was adversely affected.”
The company said the profit warning announcement is based on a preliminary review of unaudited accounts.
