China Shipping Container Lines Drops 2.7% Midday Amid Profit Warning
China Shipping Container Lines (Hong Kong stoack code 2866) extends yesterday’s fall to Thursday and is down 2.73% at HK$1.78 in the wake of its FY11 profit warning announced yesterday. The container shipper has already posted a net loss of CNY1.58 billion for the first nine months, and 27 analysts surveyed by Thomson Reuters are forecasting a full-year net loss of CNY2.50 billion. The expected FY11 net loss, against a FY10 net profit of CNY4.20 billion, is a result of weaker demand for international container transportation because of a slow recovery in the U.S. economy, the eurozone debt crisis and slowing China economic growth, CSCL says.
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