China Shipping Container Lines (CSCL) has managed to cut net losses year-on-year for the first quarter. The Hong Kong-listed unit of China Shipping recorded net loss of RMB146.15m ($22.48m) during the quarter compared to a loss of RMB192.73m in the same quarter of the previous year. The company had reversed a net loss of RMB6.49bn back in 2009 to a net profit of RMB4.2bn in 2010. Li Shaode, chairman of CSCL, had said the year 2011 ahead faces various uncertainties due to the anti-government protests in the Middle East and the earthquake in Japan, coupled with rising oil prices.
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