Jiangnan Heavy warns of Q3 loss

Jiangnan Heavy Industries has issued a profit warning for the third quarter, citing the slump in the shipbuilding industry, Seatrade Asia online reports.

The Chinese steel and machinery maker, a subsidiary of China State Shipbuilding Corporation (CSSC), expects to post a net loss of RMB2m ($318,500) in the third quarter, as against a net profit of RMB28.1m in the same period of 2011.

Shanghai-listed Jiangnan Heavy Industries said the projected loss is due largely to less orders for newbuildings and lower newbuilding prices.