China Shipping Haisheng (CS Haisheng) has turned to its parent firm China Shipping Group for a six-month loan of RMB800m ($131m).

The loan will carry an interest rate of 5.6% and CS Haisheng is expected to bear a total interest cost of RMB22.4m.

Shanghai-listed CS Haisheng announced to the stock exchange that the total borrowed funds of RMB800m will be used to repay another expiring loan of a similar amount.

The Hong Kong subsidiary of CS Haisheng has also borrowed $24.5m from the parent company in the past 12 months.

CS Haisheng had earlier said that it is expecting a net profit of around RMB19.335m in 2013 as against a deficit of RMB372m in 2012.

The return to profit is mainly due to returns from share investments, control on expenditures and higher operational efficiency, the company said.