China Rongsheng reports negative sales in 2014

Singapore

CHINA Rongsheng Heavy Industries Group Holdings, once the country's largest private shipbuilder and now quickly running out of cash, reported negative revenue last year as it prepares to sell its shipbuilding business and buyers cancel orders.

Sales fell 3.8 billion yuan (S$842 million) into the red last year, compared with a positive 1.3 billion yuan in revenue the previous year. Net losses narrowed to 7.75 billion yuan, down from 8.69 billion yuan in 2013.