AVIC International Maritime Holdings has seen red in its third quarter bottom line despite an increase in revenue.
The shipbuilder reported a net loss of CNY 8.6m ($1.26m), compared to a profit of CNY 3.2m a year ago.
But AVIC managed to boost its quarterly revenue from CNY 131.9m, to CNY 149.5m.
It explained this improvement was supported by vessel sales despite a challenging shipbuilding market.
Diao Weicheng, executive chairman of AVIC, said: “Although the overall market condition had affected the group’s financial performance during the quarter, we have made continued progress in securing new orders from new customers for vessel design and for building specialized, high-value added vessels, such as chemical tankers, asphalt carriers and ro-ro vessels.
“We shall continue to strive to explore new markets for new customers and develop new products and design where our strength lies best.”
