Shenzhen-listed Changhang Phoenix, a bulk carrier operating unit of Sinotrans & CSC, said on 3 August that trading in the company’s shares will be resumed on 18 August after a hiatus of more than 19 months.
The Shenzhen Stock Exchange has approved Changhang Phoenix’s application for resumption of trading in its shares, a stock filing of the company said.
In May, Changhang Phoenix submitted the application after it reported a profit for 2014 and positive equity as of the end of 2014. Trading in the shares was suspended on 26 December 2013 as the company began to prepare for restructuring. In September 2014, the company completed the implementation of its restructuring plan after the repayment of debts owed to 129 creditors.
Changhang Phoenix had predicted in July that its profit had decreased between 35.6% and 43.7% year on year (y/y) in the first six months of 2015 on lower one-off income. During the first half of 2015, the company recorded a total of CNY104.4 million (USD16.8 million) in one-off items including CNY55.4 million in subsidies for scrapping old tonnage, which were lower than the overall one-off items recorded a year ago.
In the first three months of 2015, the company’s profits fell by 89% y/y to CNY1.8 million due to severance payments and the smaller scale of fixed asset disposals compared with a year ago. Excluding one-off items, its profit increased 7% y/y to CNY3.3 million during the same period. Revenue fell 28% y/y to CNY202 million, it added.