China Ocean Shipbuilding Industry Limited Warns of Significant Losses

China Ocean Shipbuilding Industry Group Ltd warned shareholders and prospective investors today:

Based on the preliminary review of the unaudited management accounts of the Group, the Group is expected to record significant decrease in revenue and increase in loss for the six months ended 30 June 2013 as compared to those for the corresponding period of last year. The decrease in revenue and increase in loss were mainly due to the downturn of shipbuilding market, decrease in the market selling price of ships, appreciation of Renminbi and the absence of a one-off gain on settlement of deferred consideration in 2013.

China Ocean Shipbuilding Industry Group Ltd. expects to finalize their first half results for the six months ended 30 June 2013 by the end of August.