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JES International's Q4 loss rises to 222.5m yuan
CHINESE shipbuilder JES International's loss widened to 222.48 million yuan in the fourth quarter ended Dec 31, 2014, compared to a loss of 182.28 million yuan in the corresponding three months a year ago.
Revenue for Q4 2014 fell 1.5 per cent to 50.14 million yuan, compared to 50.92 million yuan in Q4 2013. This was due to a slowdown in production activities, and the reversal of revenue following the cancellation of two contracts in H1 2014 (previously recognised in Q4 2013).
For FY2014, JES International's loss narrowed to 290.47 million yuan, from 552.19 million yuan in FY2013. Revenue for the year plunged 67.5 per cent to 176.32 million yuan.
"The shipbuilding industry remains challenging although there are signs of a recovery," said JES on Tuesday, adding that it needs to restructure its subsidiaries to improve the group's positioning.