Nanjing Tanker faces trading suspension

2013-02-01

Shanghai: Nanjing Tanker, the tanker arm of Sinotrans & CSC Group, yesterday announced that it estimates to have a large scale loss in the year of 2012. Nanjing Tanker had already posted an RMB941m loss in the first three quarters of 2012.

The company attributed the loss to rising fuel prices, sluggish international oil shipping market and high interest expenses from liabilities.

The company also released a risk warning to investors, as according to listing rules of Shanghai Security Exchange (SSE), shares of a company which have been suffering losses for three consecutive years will be suspended. Shares of Nanjing Tanker had already been put into Shanghai’s so-called “Special Treatment” category in 2012.

In a board meeting in August 2012, the company revealed that it plans to ask for subsidies from the government to save the company from crisis.

An official from Nanjing Tanker told SinoShip News that he couldn't reveal anything before the release of the upcoming annual report but the company is definitely trying to work out ways to avoid delisting.

Source from SinoShip

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