Rongsheng expects to post first loss in four years

China Rongsheng Heavy Industries Group Holdings Ltd, the country's largest shipbuilder outside State control, forecast its first annual loss in four years after seeing vessel prices and orders slump.

The company is expected to post a net loss this year based on unaudited accounts for the 11 months ending on Nov 30, China Rongsheng said in a stock exchange filing on Monday.

It didn't disclose any numbers. The company's first-half profits plunged 82 percent as global overcapacity and lower charter rates deterred shipowners from ordering more vessels.

China Daily - Agencies