Shenzhen-listed Changhang Phoenix, a bulk carrier operating unit of Sinotrans & CSC, posted profit of CNY108.6 (USD17 million) for the first six months of 2015, slumping 41.76% from last year’s CNY186.4 million.
The company’s revenue during the review period also dropped 24.8% from CNY526.9 in 1H14 million to CNY396.2 million.
The company has shipped a total of 16.85 million tonnes cargos from January to June this year, 0.32 million tonnes more than the previous year, and its freight turnover dropped 13.75% y/y to 13.3 billion tonne-kilometers.
Bulk shipping demand remains weak since the beginning of 2015, and China Coastal Bulk Freight Index continues to hit record lows, standing at its lowest point in April, stated the company in its filling to Shenzhen Stock Exchange.
The company announced on 3 August that trading in the company’s shares will be resumed on 18 August after a hiatus of more than 19 months.
After being marked ST (Special Treatment) for two consecutive years’ loss, the company managed to avoid from being delisted, and restored its original trading name Changhang Phoenix.