China Shipping Container Lines (CSCL) has issued a profit warning on the company's performance in the first-half of 2011 due to a combination of several recent unfavourable economic issues, Seatrade Asia online reports.
Hong Kong-listed CSCL expects to record a net loss in the first-half compared to a net profit of RMB1.17bn ($181.5m) in the previous corresponding period.
“Such expected loss of the company for the six months ended 30 June 2011 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,” CSCL said.
“As a result, the international container transportation market was adversely affected,” it said.
Hong Kong-listed CSCL expects to record a net loss in the first-half compared to a net profit of RMB1.17bn ($181.5m) in the previous corresponding period.
“Such expected loss of the company for the six months ended 30 June 2011 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,” CSCL said.
“As a result, the international container transportation market was adversely affected,” it said.