CSSC Jiangnan Heavy Industry expects loss for H1

One of China State Shipbuilding Corp. (CSSC)'s affiliated shipyards, CSSC Jiangnan Heavy Industry Co. Ltd., forecast on Sunday a weak performance in the first half of the year.

First-half loss is expected to hit 60 million yuan (9.68 million U.S. dollars), compared with a net profit of 2.42 million yuan in the same period of 2012, the company said in a statement to the Shanghai Stock Exchange.

The company attributed the loss to declining prices and new orders decrease affected by downturns in the shipbuilding and steel structure industries.

Its share prices fell 1.97 percent to end at 12.43 yuan on Friday.